Three Arrested in ₹6.33-Crore Pan-India Investment Fraud

The Delhi Police Crime Branch has arrested three individuals—Pravash Chandra Panda, Pritam Roshan Panda and Sritam Roshan Panda—for their alleged role in a ₹6.33-crore investment fraud that spanned multiple states. The breakthrough has revealed a sophisticated network of mule bank accounts, fake trading platforms and forged SEBI certificates designed to mislead investors across India.

Investigators said the group is linked to at least 165 complaints filed in different parts of the country. Victims were lured through online advertisements and telephonic pitches, where the accused posed as executives of a SEBI-registered brokerage firm. They convinced people to invest in pre-IPO shares and high-return schemes that did not exist.

Police found that ₹49.73 lakh from the complainant in the present case had been diverted into several mule accounts controlled by the syndicate. One of the major channels identified was an account registered under the name M/s Shreeji Apparels, which authorities say operated only on paper. A network of shell entities was used to layer, withdraw and erase transactional trails.

Financial audits show rapid movement of money across multiple accounts within hours of deposits, suggesting the involvement of a larger organised group. Police believe the arrested trio were key operators in a much broader racket running fake investment applications, manipulated dashboards and forged regulatory documents.

The Crime Branch said investigators are now tracing handlers, fund managers and data specialists behind the wider network. Officials warn that similar scams are rapidly increasing nationwide, targeting individuals who are unfamiliar with digital-first investment practices.

As cyber-enabled financial crimes continue to expand, organisations and professionals increasingly depend on strong compliance and independent financial reviews—an area supported by auditing consultants.

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