Massive Cyber Fraud Uncovered: Bharatpur Police Crack Down on Fintech Scam

Bharatpur Police announced the arrest of three individuals implicated in a cyber fraud involving a staggering Rs 400 crore. The accused, Ravindra Singh, Dinesh Singh, and Kumkum, were associated with a fintech company and are believed to have orchestrated the fraud by enticing victims with phony stock market investment opportunities.

The investigation commenced following a complaint lodged by Hari Singh against Fino Payments Bank, uncovering financial transfers to various companies including Rukanek Enterprises and Selva Krishna IT Solution. The Director General of Police for Cyber Crime, Hemant Priyadarshi, revealed that the scale of the fraud was far greater than initial estimates, with complaints surging past 4,000.

Authorities said that the mastermind behind the operations, Ravindra Singh, holds an MBA, and received technical assistance from his nephew, Shashi Kant Singh. The investigation is ongoing, with officials warning that the total sum defrauded could likely surpass Rs 1,000 crore as new evidence surfaces.

(With inputs from agencies.)