Three Arrested in ₹6.33-Crore Pan-India Investment Fraud; Fake SEBI Certificates, Mule Network Exposed

The Delhi Police Crime Branch has dismantled a major investment fraud network and arrested three men — Pravash Chandra Panda (43), Pritam Roshan Panda (27), and Sritam Roshan Panda (24) — for their alleged involvement in a ₹6.33 crore cyber scam.
Officials say the accused were running a large-scale operation involving hundreds of mule bank accounts, used to divert and launder money collected from victims across India.

165 Cyber Fraud Complaints Linked to the Gang

During the investigation, police discovered that the trio was connected to at least 165 cyber fraud cases reported in multiple states. Their arrest has uncovered a widespread financial network designed to circulate illegal funds through mule accounts and shell entities.

Investigators believe this group is part of a larger pan-India syndicate, with evidence pointing to more than ₹50 lakh in fraudulent stock-investment activity identified so far.

Fake SEBI Registration & Manipulated Trading Platforms

According to DCP (Crime Branch) Aditya Gautam, the accused pretended to be representatives of a SEBI-registered stockbroker.
They targeted investors by offering attractive schemes, including:

• Secondary stock investments
• Pre-IPO shares
• Off-market trades

To appear legitimate, the group used fake SEBI certificates, cloned trading apps, and manipulated websites to trick people into depositing money.

Inspector Kamal Kumar’s team confirmed that these digital platforms were intentionally designed to mimic real stock-trading services.

Victim Lost ₹49.73 Lakh Through Mule Accounts

The complainant in the case was persuaded to transfer ₹49.73 lakh into various bank accounts believed to be linked to genuine investments.
However, the accounts were later confirmed as mule accounts controlled by operatives based in Odisha.

One of the primary beneficiary accounts identified was linked to M/s Shreeji Apparels, which acted as a major channel for laundering the fraudulent funds.

Layered Shell Network Used to Hide Money Trail

A deeper financial probe revealed a multi-layered shell company structure used to move the funds swiftly and avoid detection.
Police stated that the gang distributed money across five beneficiary accounts, including those connected to the arrested individuals.

The sophisticated laundering setup involved:

• Quick transfers
• Shell companies
• Instant cash withdrawals
• False business entities

The purpose was to “break the trail” and make the funds untraceable.

Investigation Expands Into Nationwide Scam

Authorities believe the arrested men are only part of a much larger cyber-fraud ecosystem.
The Crime Branch is now tracking remaining members, handlers, and financial facilitators involved in the network.

Police say the operation resembles several pan-India investment scams that lure people through:

• WhatsApp and Telegram groups
• Fake financial advisors
• Sponsored ads on social media
• Fraudulent stock-trading websites

More arrests are expected as the investigation continues.