Thane Cyber Fraud Case: Prime Suspect Jitendra Pandey Arrested in Rs16,000 Crore Scam

Thane, 3rd April 2024: In a significant breakthrough, the Thane Special Investigation Team (SIT) led by additional CP Punjabrao Ugale apprehended Jitendra Pandey, the prime suspect in a staggering ₹16,000 crore cyber fraud case. Pandey, who had been evading authorities across various cities, was finally captured in Varanasi. However, the task now for law enforcement is to track down the businessmen who facilitated money transfers through various channels to evade taxes.

Pandey’s arrest marks the twelfth apprehension in this intricate case. Notably, previously detained suspects have been released on bail following the chargesheet filing.

The genesis of the payment gateway scam dates back to April 2023 when the police uncovered fraudulent activities while probing a cyber fraud that siphoned off ₹25 crore through the escrow account of a Thane-based payment gateway company. Further investigations revealed that a portion of these funds, amounting to ₹1.39 crore, was routed to Riyal Enterprises, operating out of Vashi and Belapur. Digging deeper, authorities uncovered a network of 269 bank accounts linked to Riyal Enterprises and its partner firms, many of which belonged to financially vulnerable individuals.

Subsequent probes, spearheaded by cyber police and forensic data experts, exposed eleven accomplices aiding Pandey in orchestrating overseas money transfers through falsified partnerships and fraudulent documentation. Pandey, a former banker armed with comprehensive knowledge in IT and hawala transactions, exploited his position to facilitate illicit transfers, garnering a hefty commission of 20 to 30 % per transaction.

Employing a myriad of deceptive tactics, Pandey and his associates orchestrated a complex web of deceit. Under the guise of freight charges, they facilitated the import and export of counterfeit goods to funnel money abroad through outward remittances, meticulously crafting authentic-looking paperwork and bank accounts to elude customs duties and income taxes.

Pandey’s syndicate, cultivated over three years, enlisted a cadre of individuals with diverse skill sets, including forging bank accounts, setting up fictitious import-export businesses, and orchestrating tax evasion schemes. Despite their apprehensions, all accused parties, armed with multiple aliases, are currently out on bail.

The Thane police, leveraging technological resources and collaboration with the Uttar Pradesh Special Task Force, successfully tracked Pandey’s movements, culminating in his arrest. However, the complexity and scale of transactions warrant meticulous scrutiny and cooperation with international authorities, with inquiries launched in the United Arab Emirates, Singapore, and Hong Kong to trace outward remittance details. With 108 witnesses already examined, the investigation is poised to unravel further layers of this elaborate financial fraud scheme.