What started as a routine cyber fraud complaint in Ambikapur, Chhattisgarh, has unravelled into one of the largest interstate and international cybercrime investigations reported in recent memory, uncovering a network allegedly moving thousands of crores through fake trading platforms, mule accounts, hawala channels, and cryptocurrency transfers.
How It All Began
The case traces back to a man who approached the Ambikapur Cyber Police Station alleging he had lost ₹21.15 lakh through 84 separate transactions on two fake trading platforms. Police investigated and filed a chargesheet against 23 accused persons last year. When the complainant later felt the response from Chhattisgarh Police and the central investigating agency wasn't adequate, he approached the court, a move that appears to have kept the investigation moving and, ultimately, exposed something far bigger than anyone initially expected.
A Network Built in Layers
As the probe deepened, investigators found signs of a highly organised operation spanning multiple states and countries. The accused reportedly used fake identities and pseudonyms, along with virtual and mobile numbers registered in other people's names, to stay hidden. The network was structured in distinct layers, separate teams allegedly handled building and running the fake trading platforms, arranging mule bank accounts, processing payments, and finally moving the proceeds out.
The numbers involved are staggering. Cryptocurrency transactions linked to just two of the fake trading platforms alone crossed ₹1,880 crore over four months. What began as a local fraud case has, through supplementary chargesheets, turned into what investigators now suspect is a large-scale illegal "dabba trading" and fintech money-laundering operation.
Following the Money Trail
A ledger tied to the investigation allegedly recorded ₹601.90 crore in laundering flows in under two months. In October 2025 alone, payment gateway collections reportedly exceeded ₹275.41 crore. Investigators are still working through the remaining 36 fake portals identified so far, and roughly ₹690 crore has already been traced through a single fintech payment network, though officials suspect the real figure could be considerably higher.
In one particularly striking detail, a single virtual ID allegedly processed ₹8.86 crore across 822 transactions in just one day. Investigators say money collected digitally was then funnelled through several more layers, cash, hawala, and cryptocurrency, before finally leaving the system.
Where the Money Went
In Delhi, investigators found cash movements of ₹50 lakh to ₹1 crore a day allegedly routed through cash management and hawala networks. There are also indications that rupee proceeds were converted into UAE dirhams in Dubai, while cryptocurrency was allegedly transferred to vendors in China, funds investigators suspect were used for betting or gaming balances and server costs.
Untangling a money trail of this complexity, spanning digital payments, hawala transfers, offshore conversions, and crypto, requires exactly the kind of rigorous, forensic auditing services in India that investigators are now relying on to trace every rupee back through its layers and establish the true scale of the network.
A Bribery Allegation Adds Another Layer
The case has also drawn in a separate, troubling allegation: a complaint claims ₹1.5 crore was demanded through two police personnel to have an IPS officer connected to the case halt the investigation, with ₹1 crore allegedly already paid. The officer named has denied the allegations as baseless, stating the matter is before the court and that he has full faith in the judicial process.
Where the Investigation Stands
So far, 23 people have been arrested across eight states. Investigators believe the network may have been active since 2022, suggesting its true scale could be far larger than what's emerged to date. Two alleged key figures, Anshul Ginotra from Haryana and Garvit Jain from Delhi, remain absconding, with non-bailable warrants issued against both.
Authorities are now working through the remaining fake trading portals, tracing their operators, payment channels, bank accounts, and international money trails, while trying to map out who was responsible for each layer of the alleged operation, from technical setup to banking, payment processing, hawala, and crypto transfers.
FAQs
Q1. How did this case start?
It began with a ₹21.15 lakh cyber fraud complaint filed in Ambikapur, Chhattisgarh, over fake trading platforms, which later expanded into a much larger interstate and international investigation.
Q2. How much money is involved in the network overall?
Cryptocurrency transactions linked to just two fake trading platforms exceeded ₹1,880 crore over four months, with additional crores traced through ledgers, payment gateways, and fintech networks.
Q3. How many arrests have been made so far?
23 people have been arrested across eight states, with two key suspects still absconding under non-bailable warrants.
Q4. What is the bribery allegation connected to this case?
A complaint alleges ₹1.5 crore was demanded, with ₹1 crore allegedly paid, to get an IPS officer connected to the case to halt the investigation. The officer has denied the allegations.