RJ Kesari News Desk: Investigators allege that the accused operated fake finance companies, obtained people's personal documents under the pretext of offering loans, opened mule bank accounts, and used them to route money collected through fraudulent investment schemes.

Complaint of ₹16 Lakh Led to a Massive Investigation

According to the Cyber Crime Branch, the investigation began after a victim filed a complaint alleging that he had been cheated of ₹16 lakh through an online investment scheme.

The complainant told police that he had been added to a WhatsApp group named "105 IND STOCKS ADV", where members were promised exceptionally high returns through stock market trading and investment opportunities.

During the investigation, cyber experts analysed the group's chats, digital records, and financial transactions. Based on the evidence collected, investigators suspect that the same network may have been used to defraud people across the country of nearly ₹500 crore.

How the Alleged Scam Worked

According to the police investigation, the fraud followed a carefully planned strategy.

The accused allegedly approached people through WhatsApp groups and social media platforms, claiming to offer expert stock market trading tips and guaranteed investment returns.

To gain the trust of potential victims, small profits were reportedly transferred to their bank accounts in the initial stages. Once confidence was established, victims were encouraged to invest much larger amounts.

After receiving the money, the fraudsters allegedly removed victims from the WhatsApp groups, deleted the groups, and cut off all communication.

Special Cyber Team Tracked the Network

Considering the scale of the alleged fraud, the Rajasthan Police formed a special investigation team to trace the network.

Investigators examined multiple bank accounts, WhatsApp data, mobile numbers, and digital payment trails before identifying the suspected mastermind.

The police eventually arrested 35-year-old Yuvraj Satish Mudaliyar, a resident of Lohgaon, Pune, and brought him to Jaipur on a transit remand for further questioning.

Fake Finance Companies Used to Open Mule Bank Accounts

During interrogation, police allege that the accused revealed details of the operation.

According to investigators, he allegedly ran fake loan companies under names such as Grace Finance, Positive Balance, and Guru Finance. People applying for loans were reportedly asked to submit documents including PAN cards, identity proof, salary slips, and bank statements.

Police claim these documents were later misused to open mule bank accounts in the names of unsuspecting individuals. Account holders were allegedly paid around ₹10,000 as commission for allowing their accounts to be used.

Money Allegedly Routed Through Hawala and Cryptocurrency

Investigators allege that the money collected through the fraudulent investment scheme was transferred into mule accounts before being withdrawn in cash.

According to the police, the funds were then allegedly routed through hawala channels and converted into USDT (Tether) using a Binance wallet, enabling cross-border movement of the proceeds. Authorities claim the accused earned a commission of around 5% on these transactions.

Investigation Continues

The Rajasthan Police said the investigation is still underway to identify other members of the alleged syndicate, trace the complete money trail, and determine whether additional victims and financial networks were involved.

Officials have also advised the public to avoid investment offers circulated through WhatsApp groups, social media platforms, or unknown online communities without verifying their authenticity through registered financial institutions.