Rajgarh: An interstate gang accused of cheating investors of around ₹2 crore by promising to double their money has been busted by the Rajgarh Police. Under ‘Operation Money Trap’, police teams tracked the accused across 10 states, covering nearly 30,000 kilometres over 35 days, and arrested 14 people. The operation resulted in the seizure of ₹1.73 crore in cash, four luxury vehicles and 19 Android mobile phones, with the total value of seized assets estimated at more than ₹2.92 crore.
The case came to light after 46-year-old Devendra Paliwal, a resident of Biaora, approached the police. According to his complaint, accused Prafull Gajbhiye allegedly claimed to be connected with people associated with a major company and promised to double the investment amount. Other members of the gang allegedly reinforced the claim by presenting forged emails, documents and approval letters to make the investment proposal appear genuine.
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₹2 Crore Taken in Cash, Fake ₹4 Crore RTGS Shown
According to investigators, the victim was asked to provide ₹2 crore for investment. On July 22, the money was allegedly collected in cash at a courier office in the Jahangirabad area of Bhopal. The accused reportedly claimed that the money would be transferred through a hawala and angadia network.
To maintain the victim’s confidence, the accused allegedly displayed a fake screenshot showing an RTGS transfer of ₹4 crore. They then fled from the location without returning the investment or delivering the promised returns. When the money did not reach the victim, he realised that he had allegedly been defrauded and approached the police.
The complaint triggered a detailed investigation into the identities of the accused, their movements, financial transactions and links with other members of the alleged network.
50 Police Personnel Examined More Than 3,000 CCTV Footages
Ten special teams were formed to track the accused and recover the alleged proceeds of the fraud. Around 50 police personnel were deployed during the investigation. More than 3,000 CCTV recordings from different states were examined to track the movements and connections of the suspects.
Over nearly 35 days, police teams conducted searches and raids across 10 states, including Maharashtra, West Bengal, Rajasthan, Kerala, Telangana, Andhra Pradesh, Uttar Pradesh, Delhi and Haryana. The operation eventually led to the arrest of 14 accused from different locations.
Six-Level Structure Used to Run the Alleged Network
The investigation revealed what police described as a structured six-level operation. At the first level, potential investors were identified. The next level focused on establishing credibility through expensive vehicles, hotel meetings and references to reputed companies.
The third level involved allegedly forged emails, approval letters and payment messages to make the investment arrangement appear legitimate. Large amounts were then collected in cash to reduce the conventional banking trail. The money was allegedly moved between cities through hawala or angadia channels before being distributed among members of the network.
Police said members also changed their locations and mobile numbers after receiving their share. They allegedly used trade names and false identities, while individual members were kept aware of only limited links within the network, making it difficult for investigators to uncover the entire chain.
Members Posed as Company Agents, CA and Director
Investigators said Madhav Asore, Sujit Tembekar and Sahil Niswade allegedly identified potential victims and brought them into contact with the network. Prafull Gajbhiye and Sachit Kamble allegedly introduced themselves as company agents, while Dinesh Virani reportedly posed as a chartered accountant and Vasudev Gadekar as a company director.
Meetings related to the proposed investment were allegedly held at hotels in Bhopal and Biaora. Police said that, following instructions from Arif Hussain, who was allegedly linked to the angadia network, Sunny alias Shamim Mandal and Muskeem Mandal collected the cash in Bhopal and displayed the fake RTGS screenshot.
₹1.73 Crore Cash, Four Vehicles Seized
Police said ₹1,73,16,000 in cash, four vehicles and 19 mobile phones were recovered from the arrested accused. The total value of the seized property has been estimated at ₹2,92,91,000.
The recoveries reportedly included ₹46 lakh in cash, two cars and three mobile phones from Arif Hussain; ₹42 lakh and one car from Ashok Chaudhary; ₹30 lakh from Naveen Jain; and ₹25 lakh and one car from Sunny alias Shamim Mandal.
Similar Fraud Planned in Indore
During questioning, investigators allegedly found that the gang had planned a similar fraud in Indore but could not execute it because of the police operation. Police also suspect that the group had previously cheated people of ₹50 lakh in West Bengal and another ₹50 lakh from a police officer in Delhi.
The investigation has also indicated the presence of alleged offices linked to the network in Udaipur, West Bengal, Indore, Bhopal, Delhi and Mumbai. Technical examination of the seized mobile phones is underway to identify additional members and possible victims.
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Renowned cyber crime expert and former IPS officer Prof. Triveni Singh said investment fraudsters often combine technology with psychological manipulation. Forged documents, reputed business names, expensive vehicles and fake banking screenshots can be used to convince victims that an individual or organisation is genuine.
He said investors should independently verify companies, examine official documents and use legitimate banking channels before making major investments. Claims of unusually high or guaranteed returns should be treated as a major warning sign.
Police are continuing to examine the seized mobile phones, financial records and alleged business establishments. The investigation is expected to reveal additional members, other linked offices and potentially more fraud cases connected to the network.
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.
