BHOPAL: A 35-day operation that stretched across ten states and covered almost 3000 km has led the Madhya Pradesh police to bust an alleged inter-state fraud network that has cheated investors of nearly Rs 2 crore by promising to double their money.
As many as 14 men have been arrested by the police so far in the matter.
The operation, carried out under “Operation Money Trap”, involved ten special police teams of Rajgarh district police, analysis of more than 3,000 CCTV recordings and coordinated raids in several states, including Maharashtra, West Bengal, Rajasthan, Kerala, Telangana, Andhra Pradesh, Uttar Pradesh, Delhi and Haryana.
According to Madhya Pradesh Police’s official statement, the investigation into the case started after a resident of Biaora town in Rajgarh district lodged a complaint at Biaora City Police Station on July 24.
According to the complaint, the accused posed as people connected with a reputed company and convinced the victim that a Rs 2-crore investment would be doubled or generate substantially higher returns.
To make the proposition appear genuine, the gang allegedly produced fake emails, official-looking documents, approval letters and payment messages.
Meetings were arranged at hotels in Bhopal and Biaora, further reinforcing the impression that the deal involved a legitimate corporate transaction.
The victim eventually handed over Rs 2 crore in cash at a courier office in Jahangirabad-Bhopal.
Soon, the accused allegedly showed him a fabricated screenshot indicating that an RTGS transaction of Rs 4 crore had been completed.
They then claimed that the money had been routed through hawala and angadia channels. When the promised payment failed to arrive, the victim realised he had been duped.
Investigators found that the gang operated through a carefully compartmentalised network.
Members used trade names instead of their real identities and generally communicated only with the person immediately above or below them in the chain, making it difficult to uncover the entire operation.
A few members allegedly posed as company employees and agents who identified potential victims, while others acted as chartered accountants, directors and corporate representatives.
Once cash was collected, it was allegedly moved through hawala or angadia networks to different cities, including locations in Maharashtra, before being distributed among gang members.
Police recovered approximately Rs 1.73 crore in cash, four four-wheelers and 19 Android mobile phones. Assets worth approximately Rs 2.92 crore have been seized in all.
The investigation has also uncovered indications of a wider network.
Police said the gang had allegedly planned a similar fraud in Indore, which was foiled by the arrests. Preliminary findings suggest that victims in West Bengal were cheated of around Rs 50 lakh, while a Delhi police officer was allegedly defrauded of another Rs 50 lakh.
Officials said further investigation is underway into fake companies, email accounts, bank transactions and hawala networks. Technical examination of seized electronic devices may help identify additional members.
Rajgarh Police credited interstate coordination with the breakthrough and urged citizens to remain cautious of schemes promising unusually high or guaranteed returns.
Authorities advised investors to independently verify companies, individuals and investment proposals through official channels before handing over money.
