Police in Gujarat have registered a criminal case against directors and senior officials of Ahmedabad-based Unique Mercantile India Limited for allegedly cheating investors through fixed deposit and monthly income schemes promising high returns.

The company, operating from Popular House in Navrangpura, allegedly collected investments by assuring attractive payouts but later stopped interest payments, closed its office, and failed to repay maturity amounts totaling ₹14.83 lakh, according to the complaint filed with police.

Investor Complaint Triggers Police Investigation

The case was initiated after a complaint by Vishnubhai Bholidas Patel, a 58-year-old resident of Kalol in Gandhinagar district.

According to the FIR, Patel was introduced to Unique Mercantile India Limited in 2017 through company representatives Sanjay Patel and Rajesh Patel. The agents allegedly promoted fixed-term deposit plans and monthly income schemes with assured returns.

Patel later joined the company as an agent and helped attract additional investors after attending promotional meetings conducted by company representatives. He invested his own money and encouraged relatives and acquaintances to participate in the schemes.

Between 2017 and 2018, Patel allegedly mobilized investments worth ₹11.65 lakh, with the company’s promised maturity liability reaching ₹15.93 lakh.

The FIR names company directors Utkarsh Rai, Rahul Rai, and Raj Kumar Rai, along with managers Mukeshbhai Patel and Ghanshyambhai Patel, alleging that they misrepresented the investment plans and failed to meet repayment commitments.

Interest Payments Stopped After Initial Trust-Building

The complaint alleges that the company initially made periodic interest payments and provided commissions to agents, helping build confidence among investors.

However, payments reportedly stopped around 2020. When investors approached the company’s Navrangpura office, officials allegedly cited financial difficulties linked to the Covid-19 pandemic and assured them that pending dues would be cleared.

The company later shut down operations without fully settling investor claims. Police records indicate that only ₹1.10 lakh was repaid through installments, leaving an outstanding amount of ₹14.83 lakh.

Police Probe Financial Records

Ahmedabad Police have registered the case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) related to cheating and criminal breach of trust.

Investigators are examining financial documents, bank records, and other evidence to determine the complete scale of the alleged irregularities and identify whether additional investors were affected.

Experts Warn Against Unverified High-Return Schemes

Financial fraud experts have repeatedly warned investors about schemes offering unusually high or guaranteed returns without proper regulatory oversight.

Experts advise investors to verify whether investment companies are registered with appropriate authorities such as the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI) before committing funds.

Authorities have also urged people to be cautious of investment opportunities promoted through aggressive marketing, commission-based networks, and promises of risk-free profits.

Delhi Police have dismantled a large cyber fraud network allegedly responsible for routing more than ₹70 crore through hundreds of fake corporate bank accounts, following an investigation that began with a small online job scam.

Ten people, including three women and several individuals with alleged links to the banking sector, have been arrested in connection with the operation. Investigators say the syndicate created shell companies, opened fraudulent bank accounts, and provided complete banking access packages to cybercriminal groups involved in financial scams.

The investigation has uncovered links to cyber fraud complaints across 19 states and Union Territories, with authorities also examining possible international connections in the UAE and the United Kingdom.

Investigation Started With ₹10,000 Work-From-Home Scam

The case began after a resident of Baljeet Nagar in Delhi reported losing ₹10,000 in an online freelancing job scam advertised through social media.

While tracing the transaction, financial investigators discovered that part of the stolen money had moved into a bank account registered under a suspected shell company. A deeper analysis of account activity revealed a wider network designed to hide the movement of cybercrime proceeds.

According to investigators, the syndicate created fake business entities and used them to open corporate bank accounts. These accounts were allegedly handed over to other fraud groups, allowing criminals to transfer and disguise money obtained through online scams.

Banking Sector Links Under Investigation

Police have identified Dishant Khanna as an alleged key figure in the operation, along with other accused individuals including Kundan Kumar, Mohit Soni, Yogesh Kumar, Ranjeet Damion Ekka, and Mridul.

Authorities allege that some arrested individuals connected to banking operations helped the network bypass standard customer verification procedures while opening fraudulent corporate accounts.

During searches conducted as part of the investigation, police recovered:

• 248 corporate bank account kits
• 38 SIM cards
• 22 mobile phones
• 28 fake company stamps
• 55 debit and credit cards
• Cash and other suspected evidence

Investigators said digital evidence, including communication records and financial documents, indicated coordination between the accused and other cybercrime operators.

Offshore Links and Money Laundering Trail Examined

The investigation has also revealed possible links to overseas handlers based in the United Arab Emirates and the United Kingdom.

Police have issued Look Out Circulars against additional suspects, including an alleged mastermind believed to be located outside India.

Authorities are continuing to examine financial transactions to identify the full network and recover additional funds connected to the fraud operation.

Hundreds of Accounts Linked to Cybercrime Complaints

A review of national cybercrime records found that the 248 corporate accounts allegedly connected to the syndicate were associated with 156 complaints filed through the National Cyber Crime Reporting Portal.

The complaints span 19 states and Union Territories, with reported losses exceeding ₹20 crore. Police have so far frozen approximately ₹56 lakh in suspected accounts while further audits are underway.

Experts Warn About Growing Use of Shell Companies in Cyber Fraud

Cybersecurity experts said organized fraud groups are increasingly using fake businesses, mule accounts, and compromised financial channels to move stolen money quickly.

Experts stressed that stronger Know Your Customer (KYC) checks, monitoring of suspicious account activity, and faster reporting of unusual transactions by financial institutions are critical to disrupting such networks.

The Delhi Police investigation highlights the growing complexity of cybercrime operations, where fraudsters rely on financial infrastructure and organized networks rather than isolated scams.

New Delhi: A major cybercrime investigation by Delhi Police has exposed an alleged nationwide fraud network accused of handling more than ₹70 crore through hundreds of fake corporate bank accounts. Ten people, including banking sector employees, have been arrested as part of the crackdown, which has uncovered links to cyber fraud cases across 19 states and Union Territories.

The investigation began after a Delhi resident reported losing ₹10,000 in a fake work-from-home freelancing scheme promoted through social media. While tracing the stolen money trail, investigators discovered that the funds had moved through an account registered under a suspected shell company, leading authorities to uncover a much larger financial network.

Fake Companies Used to Move Fraudulent Funds

According to investigators, the accused allegedly created fake business entities and opened corporate bank accounts using those companies. These accounts were then reportedly provided to cybercriminal groups as ready-made channels for transferring and hiding money obtained through online scams.

Police believe the syndicate operated a structured network of mule accounts, allowing fraud proceeds to be transferred through multiple layers of transactions. This method made it difficult for investigators to immediately identify the source and destination of illegal funds.

Banking Connections Under Investigation

Delhi Police have identified several accused persons, including alleged key operators Dishant Khanna, Kundan Kumar, Mohit Soni, Yogesh Kumar, Ranjeet Damion Ekka, and Mridul.

Authorities said five arrested individuals were connected to the banking sector, including three women associated with a partner bank. Investigators allege that these individuals helped the network by facilitating the opening of fraudulent corporate accounts and bypassing required verification procedures.

During searches conducted as part of the investigation, police recovered 248 corporate bank account kits, 38 SIM cards, 22 mobile phones, 28 fake company stamps, 55 debit and credit cards, cash, and a vehicle allegedly used by the group.

Digital evidence collected from seized devices, including financial records and online communications, is being examined to establish the full scale of the operation.

International Links and Wider Cyber Fraud Connections

Investigators have also found suspected links between the network and overseas-based operators in the United Arab Emirates and the United Kingdom. Authorities have initiated further action, including issuing Look Out Circulars against individuals believed to be connected with the alleged operation.

A review of records from the National Cyber Crime Reporting Portal (NCCRP) showed that the recovered corporate accounts were allegedly connected to 156 cybercrime complaints filed across 19 states and Union Territories. Reported losses in these cases exceed ₹20 crore, while authorities have frozen around ₹56 lakh from suspicious accounts during the ongoing investigation.

Experts Highlight Need for Stronger Financial Monitoring

Cybercrime specialists have warned that organised fraud groups are increasingly using shell companies, fake identities, and banking loopholes to move stolen funds quickly.

Experts stressed that stronger Know Your Customer (KYC) compliance, regular monitoring of suspicious accounts, and faster reporting of unusual financial activity by banks are critical to preventing large-scale cyber fraud networks.

The Delhi Police investigation remains ongoing, with authorities continuing to analyse financial transactions and digital evidence to identify additional suspects and recover more funds.