Calcutta High Court Denies Relief to Accused in Major Cybercrime Scandal

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Calcutta High Court Denies Anticipatory Bail to Suspect in Cyber Fraud Case

The Calcutta High Court has made a ruling denying anticipatory bail to a suspect involved in a significant cyber fraud case. The case revolves around alleged fake investment schemes, digital arrest scams, and the laundering of proceeds through mule accounts and cryptocurrency wallets.

Court Ruling and Investigation Findings

According to the investigation, the suspect was not just a beneficiary but a key perpetrator of the offense. They allegedly layered proceeds of the crime through mule accounts and cryptocurrency wallets. The court noted that the suspect was caught red-handed while committing the alleged fraud and that tainted money had been transmitted to other countries and across various channels, including cryptocurrency wallets.

According to the investigation, “The suspect was not merely a beneficiary but a key perpetrator of the offense, having allegedly layered proceeds of the crime through mule accounts and cryptocurrency wallets.”

Scope of Allegations and Evidence

The case involves widespread allegations of cheating over 1,000 victims through fake investment schemes, digital arrest scams, and similar offenses. Investigators discovered 11 current accounts linked to 544 complaints involving approximately Rs. 97 crore. The prosecution argued that the suspect accessed company bank accounts via internet banking on their mobile phone, transferring funds to multiple shell entities and personal accounts, and later converting part of the proceeds into cryptocurrency routed to wallets in jurisdictions such as Saudi Arabia and Dubai to evade detection.

“The prosecution argued that the suspect accessed company bank accounts via internet banking on their mobile phone, transferring funds to multiple shell entities and personal accounts, and later converting part of the proceeds into cryptocurrency routed to wallets in jurisdictions such as Saudi Arabia and Dubai to evade detection.”

Court Considerations and Decision

The court considered the substantial scope of the allegations, the layering of proceeds across accounts, the use of cryptocurrency, overseas transfers, and the suspect’s potential flight risk, along with their criminal history and existing detention in another case. Ultimately, the court determined that the circumstances did not warrant pre-arrest protection and dismissed the anticipatory bail application, also rejecting a subsequent request to stay the decision.