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Jaipur, Nov 20 (IANS) Acting on the direction of Rajasthan Police Headquarters to curb the rising cyber crime, Rajasthan’s Bharatpur Police has dismantled a large fraudulent investment network that duped over 3 lakh innocent investors across the country, causing a financial loss of over Rs 3,500 crore.
An official said five key accused have been arrested and substantial assets have been seized.
He said that this major action was carried out by a special team formed under the direct supervision of District Superintendent of Police, Bharatpur, Digat Anand and the leadership of Circle Officer, Bharatpur City, Pankaj Yadav, IPS.
“The fraud came to light after a case was registered at Mathura Gate Police Station on November 12, 2025, alleging that a fake investment website, gqcw.cn, along with a mobile application, was luring people to invest in the cryptocurrency and forex markets with promises of high returns, bonuses and incentives,” he said.
The official said the investigation revealed that the company was not registered with SEBI, RBI, MCA or any competent regulatory authority in India.
“Although the website claimed to be operating from Russia since 2016, police found that the network actually began its operations in Jaipur in November 2022,” he said.
The officer said individuals named Sandeep Sigar and Rajat Sharma emerged as the key persons behind the creation and management of this fraudulent enterprise.
“The website falsely estimated that it had 4.7 million users and $4.3 billion in assets under management. However, physical verification revealed that the user base was actually around 4.7 million, but the actual deposits collected through fraud were Rs 350 million (approximately Rs 3,100 crore),” he said.
He further said that the same group was also running another fake investment website pvp.com, through which about 9,000 users were defrauded to the tune of $58 million (more than Rs 500 crore).
He said that the police have arrested five accused in this large-scale cyber fraud case.
“The police have seized Rs 40 lakh in cash, gold jewellery, five luxury vehicles and cryptocurrency worth about Rs 40 lakh. The action has been taken under various sections of the Prohibition of Unregulated Deposit Schemes Act, 2019 and relevant provisions of the BNS,” he said.
–IANS
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