Raipur: A cyber-fraud complaint involving alleged losses of ₹21.15 lakh has led to a much larger investigation into an alleged multi-state and international cyber-fraud network. According to The Indian Express, investigators have traced cryptocurrency-linked transactions worth more than ₹1,880 crore over just four months.
The case, which originated at the Ambikapur Cyber Police Station in Chhattisgarh, has also become linked to allegations of bribery against 2022-batch IPS officer Rahul Bansal and two other policemen.
Bansal has denied the allegations, calling them baseless and saying that he has full faith in the judicial process.
The matter is currently before a CBI court in Delhi, while the Chhattisgarh Police investigation has expanded considerably beyond the original complaint.
How the Investigation Began
The case began last year when a complainant approached the Ambikapur Cyber Police Station alleging that he had lost ₹21.15 lakh through 84 transactions on two fake trading platforms.
The platforms allegedly induced users to invest or trade through fraudulent online systems.
A police team led by IPS officer Rahul Bansal investigated the case and subsequently filed a chargesheet against 23 accused persons.
However, the investigation did not remain limited to the complainant’s alleged financial loss.
According to investigators, the probe gradually uncovered a sophisticated network involving fake trading portals, mule bank accounts, fintech payment gateways, cryptocurrency transactions, hawala channels and overseas money movements.
Read also: Who Is IPS Rahul Bansal? From Income Tax Officer to ₹1 Crore Bribery Allegation in Chhattisgarh
Allegations of ₹1.5 Crore Bribe
The case took another turn after allegations emerged against IPS officer Rahul Bansal.
According to the complaint placed before the court, Bansal allegedly demanded ₹1.5 crore through two other policemen to stop or suppress the investigation into the cyber-fraud case.
The complainant alleged that ₹1 crore was actually paid.
IPS Bansal has denied the allegations.
“The allegations are baseless. The complaint is currently before the court, and I have complete faith in the judicial process and the law.”
The allegations remain contested and are part of the judicial proceedings.
DGP Arun Dev Gautam Submits Report
Chhattisgarh Director General of Police Arun Dev Gautam has submitted a report to a Delhi court in connection with the allegations involving Bansal and two other policemen.
The matter came before the court after the complainant approached the judiciary, alleging that neither the Chhattisgarh Police nor the CBI had taken action on his complaint.
The CBI court’s July 1 order recorded the circumstances under which the complainant approached the court.
Meanwhile, the state police have continued investigating the larger cyber-fraud network that emerged from the original case.
Police Call It a Sophisticated International Cyber-Fraud Network
Sarguja Range Inspector General of Police Deepak Kumar Jha described the alleged fraud operation as a sophisticated, multi-state and internationally operated organised cyber-fraud syndicate.
According to him, two key suspects identified in the investigation are Anshul Ginotra of Haryana and Garvit Jain of Delhi.
Both are reportedly absconding, and police have issued non-bailable warrants against them.
Jha also said that the allegations concerning bribery were being looked into.
38 Fake Trading Portals and 19,340 Users
Police sources cited in the investigation said the alleged network operated 38 fake trading portals, which collectively served around 19,340 users.
The remaining 36 portals are reportedly still under investigation.
The investigation indicates that the platforms were allegedly created to appear like legitimate trading or investment platforms while operating outside the framework of recognised financial markets.
The network allegedly used different layers for developing the websites and applications, operating the platforms, arranging bank accounts, processing payments and ultimately moving the proceeds.
₹1,880 Crore in Crypto-Linked Transactions
One of the most significant findings of the investigation relates to cryptocurrency.
According to police officers involved in the probe, analysis of just two platforms found cryptocurrency-linked transactions exceeding ₹1,880 crore over a four-month period.
Investigators believe the figure could rise as the remaining platforms are examined.
The investigation has therefore expanded from what initially appeared to be a relatively small cyber-fraud complaint into a much larger alleged operation involving illegal trading, fintech-based money laundering and international movement of funds.
What Is ‘Dabba Trading’?
Investigators have described the alleged operation as one of the major ‘dabba trading’ and fintech money-laundering busts.
Dabba trading refers to an illegal form of trading in which transactions or bets are settled privately outside recognised stock exchanges and regulated market infrastructure.
Such operations can allow participants to bypass established regulatory mechanisms and create channels through which money can be moved outside the formal financial system.
In the present investigation, police suspect that fake trading portals were used as part of a broader financial network.
₹601.90 Crore Laundering Trail
The investigation has also identified substantial money flows through various financial channels.
According to probe officers, an investigation-linked ledger allegedly recorded ₹601.90 crore in laundering flows in less than two months.
In another finding, collections through payment gateways reportedly exceeded ₹275.41 crore in October 2025 alone.
Investigators believe these figures represent only portions of the larger network because several of the suspected portals are still being examined.
₹690 Crore Through One Fintech Payment Network
Investigators have also identified around ₹690 crore that allegedly passed through a single fintech payment network.
Police sources cautioned that the actual amount could be higher as the analysis continues.
The scale of individual transactions also reportedly varied significantly.
In one instance, a single virtual ID allegedly processed ₹8.86 crore through 822 transactions in a single day.
Such transaction volumes have become a key focus of the investigation into the alleged money-laundering architecture.
How the Alleged Money Trail Worked
Investigators believe the alleged network operated through multiple layers rather than relying on a single group or platform.
The suspected structure included people responsible for:
- Developing and maintaining fake trading platforms
- Operating the portals and interacting with users
- Supplying or arranging mule bank accounts
- Processing transactions through fintech gateways
- Moving money through cash channels and hawala
- Converting or transferring proceeds through cryptocurrency
- Facilitating overseas transactions
This layered structure allegedly made it difficult to trace the money back to the individuals operating the platforms.
Pseudonyms and Virtual Numbers Used
According to an officer involved in the investigation, the alleged accused did not generally operate using their real identities.
Investigators found that suspects allegedly used pseudonyms, virtual numbers and mobile numbers registered in other people’s names.
This identity-masking mechanism allegedly allowed different participants to operate without directly exposing their real identities.
The use of virtual numbers and third-party identities is now among the aspects being examined as investigators attempt to map the complete network.
Cash and Hawala Channels Under Scanner
The alleged network also relied on traditional cash-based channels alongside digital payment systems and cryptocurrency.
Investigators have alleged that money was moved through cash management services and hawala networks.
In Delhi, investigators reportedly detected cash movements of approximately ₹50 lakh to ₹1 crore per day in certain instances.
This combination of digital and physical money movement allegedly allowed the network to shift proceeds through multiple layers before they reached their eventual destinations.
Dubai and China Connections
The investigation has also uncovered an alleged international component.
According to investigators, rupee proceeds were allegedly moved to Dubai, where they were converted into UAE dirhams.
Cryptocurrency was also allegedly transferred to Chinese vendors.
Investigators suspect that such cryptocurrency transfers were used for purposes including betting or gaming balances and server-related expenses.
The international dimension has therefore added another layer of complexity to the investigation.
23 Arrests Across Eight States
The investigation has so far resulted in 23 arrests across eight states.
The arrests have helped investigators piece together different components of the alleged operation, including its financial channels and the roles of various participants.
However, investigators believe the network could be substantially larger than what has been uncovered so far.
The fact that 36 of the 38 identified portals remain under investigation means that the financial trail could expand further.
Network May Have Been Active Since 2022
Investigators now suspect that the alleged network may have been operating as far back as 2022.
If established, this would mean that the operation potentially continued for several years before being uncovered through the Ambikapur cyber-fraud complaint.
The suspected period of operation, number of users, multiple portals and international financial links have led investigators to believe that the actual scale of the alleged racket could be significantly larger than the figures currently identified.
What Happens Next?
The investigation is now proceeding on two parallel tracks.
One concerns the original cyber-fraud and alleged money-laundering network, with investigators continuing to examine the remaining portals, financial accounts, fintech gateways, cryptocurrency transactions and overseas connections.
The other concerns the allegations of bribery involving IPS officer Rahul Bansal and two other policemen.
Bansal has denied wrongdoing, and the bribery allegations remain before the court.
The submission of the DGP’s report to the Delhi court adds another important development to the case, even as investigators continue to unravel the alleged financial network that emerged from the original ₹21.15 lakh complaint.
