1,880 Crore Crypto Transactions Expose Major Cyber Fraud Network

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Authorities in Raipur have dismantled a suspected transnational cybercrime network linked to a ₹21.15 lakh fraud case, revealing a large-scale money-laundering scheme involving cryptocurrency, fake trading platforms, and cross-border financial activities.

Investigation Overview

The case originated from a ₹21.15 lakh cyber fraud reported in Ambikapur, Chhattisgarh, last year. The complainant cited 84 transactions across two fraudulent trading platforms, prompting an investigation that uncovered a complex network operating across eight states.

Key Findings

Investigators identified 38 fraudulent trading platforms, user databases, mule bank accounts, fintech payment gateways, and cross-border cryptocurrency transfers. The probe revealed that cryptocurrency transactions linked to the two platforms exceeded ₹1,880 crore over four months.

Network Operations

The network utilized pseudonyms and virtual phone numbers to obscure identities. Funds were allegedly funneled through cash, hawala networks, and cryptocurrency. Daily cash movements of ₹50 lakh to ₹1 crore were reported in Delhi via hawala systems, while rupee proceeds were converted into UAE dirhams in Dubai.

Arrests and Legal Actions

Twenty-three individuals have been arrested across eight states, with police estimating the network’s operations began as early as 2022. Two key suspects, Anshul Ginotra of Haryana and Garvit Jain of Delhi, remain at large, with non-bailable warrants issued against them.

Financial Trail

A ledger documented ₹601.90 crore in laundering activities within two months, while payment gateway collections surpassed ₹275.41 crore in October 2025 alone. Investigators traced ₹690 crore through a single fintech network, suspecting the actual amount may be higher.

Bribery Allegations

Bribery allegations emerged against an IPS officer linked to the case, with a complaint stating ₹1.5 crore was demanded to halt the investigation. ₹1 crore was allegedly paid, though the officer denied the claims, calling them unfounded.

Ongoing Probe and Future Steps

Authorities are examining remaining fake portals, their operators, payment channels, bank accounts, and international financial trails. The probe aims to identify individuals involved in technical operations, banking arrangements, payment processing, hawala transactions, and cryptocurrency transfers.

“The investigation has reclassified the case from a localized fraud to a large-scale illegal trading and fintech money-laundering scheme,” said authorities.

Conclusion

The Raipur cybercrime case highlights the growing complexity of transnational financial crimes. With ongoing efforts to trace digital and physical financial trails, authorities aim to dismantle the network fully and bring all perpetrators to justice.