Lucknow: In a major breakthrough, police in Uttar Pradesh have uncovered a large-scale financial fraud amounting to ₹146 crore and arrested the alleged mastermind of the racket, officials said on Thursday.
According to police, the accused gang operated an elaborate network involving fake investment schemes, shell companies, and forged financial documents to dupe individuals and institutions across multiple districts. The fraud is believed to have been running for several years before it was detected.
The investigation began after multiple complaints were filed by victims who reported significant losses after investing in high-return schemes that later turned out to be fraudulent. Acting on these complaints, a special investigation team was formed to trace the money trail and identify those involved.
Officials said the gang used a combination of digital payment platforms, bank accounts in different names, and fake corporate entities to circulate the money and avoid detection. A portion of the funds was allegedly diverted into luxury assets and overseas channels.
The gang leader, who was arrested following coordinated raids at multiple locations, is currently being interrogated. Police said they are also questioning other associates who played key roles in managing accounts, luring investors, and handling communications with victims.
Preliminary findings suggest that the network had connections across state lines, and investigators are now working to identify additional suspects involved in facilitating the fraud. Several bank accounts have been frozen, and financial records are being examined to recover misappropriated funds.
Senior police officials described the case as one of the largest financial frauds uncovered in the state in recent times, noting that advanced digital tracking methods played a crucial role in tracing the operation.
Authorities have urged the public to remain cautious of investment schemes promising unusually high returns and to verify the legitimacy of financial platforms before investing money.
The investigation is ongoing, and more arrests are expected as agencies continue to dismantle the wider network linked to the ₹146 crore scam.
