Delhi Police have dismantled a pan-India cheating racket that allegedly defrauded the chief operating officer (COO) of a central Delhi company of Rs. 69 lakh by promising high returns from a purported corporate social responsibility (CSR) fund investment, officials said on Friday.
Jitender Pandey (32), a resident of Meera Road, Mumbai, was arrested in Ahmedabad following a 15-day sustained investigation. Police have recovered and seized the alleged proceeds of crime amounting to Rs. 69 lakh.
The victim was lured with promises of unusually high returns if the company “parked” money in the fake CSR investment scheme. Trusting these claims, the COO transferred funds in multiple phases to accounts controlled by the syndicate. When returns failed to materialize and the contact persons began evading calls, a complaint was lodged with Delhi Police, triggering a multi-state investigation.
Pandey acted as a cash courier for the network. He is also linked to other fraud cases, including one in Mumbai where a doctor was cheated of Rs. 3 crore. Investigators revealed Pandey transported cash under the directions of alleged mastermind Monish Badani, earning Rs. 8.7 lakh as commission.
Police traced money trails through layered bank accounts and payment structures designed to conceal the origin of funds. They examined call records, beneficiary accounts, and travel data to track Pandey’s movements, leading to his arrest in Ahmedabad without resistance.
Officials warned companies to be cautious of unsolicited CSR investment proposals offering guaranteed returns, highlighting that such schemes exploit the legitimate nature of CSR spending.
Efforts are underway to apprehend Badani and identify other network members, including account holders and facilitators involved in layering and withdrawal of funds. Authorities expect further arrests. The seized funds will be presented as case evidence, and custodial interrogation is being sought to uncover the full scope of the conspiracy.
Corporate executives are urged to verify credentials, demand written agreements, and route CSR payments only through authorized, audited channels. Red flags include pressure for rapid transfers, promises of unusually high returns, and splitting payments across multiple accounts.
