Jaipur | The Rajasthan Cyber Crime Police have arrested the alleged mastermind of an interstate cyber fraud syndicate accused of cheating people across the country of nearly ₹500 crore through fake online investment and trading schemes. According to investigators, the accused allegedly lured victims through WhatsApp groups and social media by promising high returns on investments before fraudulently siphoning off their money.
The accused has been identified as Yuvraj Satish Mudaliar (35). He was arrested from Lohgaon in Pune, Maharashtra, and brought to Jaipur on a production warrant, where he is currently being interrogated.
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According to police, the investigation began after a complaint was lodged on February 23, 2024, by Sadharam Chaudhary, who alleged that he had been cheated of ₹16 lakh. He claimed that he was added to a WhatsApp group named “105 IND STOCKS ADV”, where he was persuaded to invest in online trading schemes with promises of high returns. After making the investment, he allegedly lost the entire amount.
During the investigation, cyber police examined chat records, bank accounts, financial transactions and digital evidence. Investigators subsequently concluded that the complaint appeared to be part of a much larger cyber fraud network operating across the country. Preliminary findings suggested that the syndicate had allegedly carried out cyber fraud worth nearly ₹500 crore, prompting the police to widen the scope of the investigation.
According to the investigators, the accused and his associates allegedly used social media platforms and WhatsApp groups to promote fake investment and trading opportunities. Victims were initially encouraged to invest small amounts and were even shown returns to gain their confidence. Once they invested larger sums, the fraudsters allegedly withdrew all the money, removed the victims from the WhatsApp groups, deleted chat histories and severed all communication.
During questioning, the accused allegedly disclosed that he operated loan firms under the names Grace Finance, Positive Balance and Guru Finance. Police alleged that these firms collected PAN cards, Aadhaar cards, salary slips and bank statements from individuals on the pretext of providing loans. Using these documents, bank accounts were allegedly opened in the customers’ names. The account holders were reportedly paid around ₹10,000 as commission, while the accused allegedly retained control of the ATM cards, cheque books and passbooks linked to those accounts.
Investigators further alleged that the proceeds of the cyber fraud were first withdrawn in cash and then routed through hawala channels before being transferred to cryptocurrency wallets on platforms such as Binance, making the money trail more difficult to trace.
The investigation is continuing. Police are examining the accused’s financial transactions, digital assets, bank accounts and the possible involvement of other members of the alleged syndicate. The allegations remain subject to judicial scrutiny, and the guilt or innocence of the accused will be determined by the court after due legal proceedings.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
