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Bengal industrialist Pawan Ruia's premises raided in ₹317 crore cyber fraud case
The funds were routed through numerous bank accounts of 148 shell companies, many of which shared the same registered address, police said.
The cybercrime wing of West Bengal Police has busted a ₹317-crore online fraud involving 148 shell companies and raided the home and offices of businessman Pawan Ruia for his alleged links to the racket, an officer said on Tuesday.
Police teams searched Ruia’s residence and offices, as well as those of several of his associates, last Thursday after their names figured in an FIR registered in connection with a nationwide cyber fraud case, the officer said.
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"A meticulous investigation unveiled the direct involvement of a cyber fraud. Over 1,379 complainants across West Bengal and other parts of India were cheated of approximately ₹317 crore," police said in a statement on Monday.
"These funds were routed through numerous bank accounts of 148 shell companies, many of which shared the same registered address, and were subsequently siphoned off to various mule accounts," it added.
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Talking more about their investigation, the officer said, "Preliminary findings suggest that around ₹170 crore of the diverted funds was converted into cryptocurrency in an attempt to prevent law enforcement from tracing or freezing the assets".
A suo motu FIR was registered at Barrackpore Cyber Crime Police Station on November 5, the officer added.
"The FIR names Ruia, members of his family, and close associates, noting that 11 directors linked to Ruia-controlled entities also hold positions on the boards of 186 other companies across India," the officer said.
Following the complaint, police teams conducted coordinated searches at multiple locations, including 'Ruia Centre' on 46 Syed Amir Ali Avenue in Park Circus, Dunlop Industrial Products Pvt Ltd on 129 Park Street, Berger House under the Park Street police station, and Ruia's residence in Ballygunge, he added.
