SRINAGAR: The Cyber Crime Wing of the West Bengal Police has uncovered a Rs 317-crore online fraud linked to 148 shell companies, conducting extensive raids at the home and offices of businessman Pawan Ruia for his alleged involvement, as per multiple national media reports.
According to police, as per The Hindu, searches were carried out on November 6 at multiple locations, including Ruia’s residence in Ballygunge and offices in Park Circus and Park Street, following an FIR registered in a nationwide cyber fraud case.
A police statement revealed that over 1,379 victims across West Bengal and other parts of India were defrauded, with funds channelled through numerous accounts belonging to 148 shell firms, many registered at the same address. The money was later diverted to mule accounts.
Investigators found that about Rs 170 crore of the defrauded sum was allegedly converted into cryptocurrency to evade tracing and asset freezes by law enforcement agencies.
The suo motu FIR, lodged at Barrackpore Cyber Crime Police Station on November 5, names Ruia, members of his family, and several close associates, with eleven directors from Ruia-linked companies also holding directorships in over 180 other firms across India.
The coordinated searches were conducted at ‘Ruia Centre’ on Syed Amir Ali Avenue, Dunlop Industrial Products Pvt. Ltd., Berger House under Park Street Police Station, and other associated premises, officials added.
Police said the investigation is ongoing to trace the money trail and identify the full network behind the multi-crore cyber fraud.
