Jaipur Police Bust ₹500 Crore Stock Trading Cyber Fraud Racket

Jaipur: The Cyber ​​Crime Branch of Rajasthan Police has busted a major interstate gang involved in a nationwide scam related to stock market investment and trading. The kingpin of this Rs 500 crore cyber fraud has been arrested from Pune, Maharashtra.

Under the pretext of offering loans, the accused Yuvraj Satish Mudaliar (35) of Lohgaon, Pune, used to obtain documents from different people and opened 'mule' bank accounts in their names to launder the money.

Additional Director General of Police (Cyber ​​Crime) Vijay Kumar Singh said that action was taken on a complaint lodged by Sendharam Choudhary at the State Cyber ​​Crime Police Station regarding a cyber fraud amounting to ₹16 lakh.

The victim reported that he was added to an online WhatsApp group named '105 IND STOCKS ADV,' where he was defrauded after being lured with false promises of huge profits through investment and trading. “A thorough analysis of the group's chats and data by the police's technical team revealed that cyber fraud totaling approximately ₹500 crore had been perpetrated against people across the country through this single group,“ said the ADG.

As per police, the accused revealed during interrogation that he operated fake loan companies in Pune under the names Grace Finance, Positive Balance, and Guru Finance and obtained crucial documents—such as PAN cards, identity proofs, bank statements, and salary slips—from individuals under the pretext of sanctioning loans.

These documents were used to open 'mule' bank accounts in their names to withdraw the fraud money, which was subsequently transferred to the Hawala network and used to purchase cryptocurrency. The accused has been brought to Jaipur on a transit warrant, and further investigation is going on.