In a significant crackdown, Ballari police have arrested Ajay Kumar Jaiswal, a man accused of defrauding Hindustan Metal Private Limited of Rs2.11 crore using a fake email. Jaiswal was apprehended in Madhya Pradesh following a detailed investigation into the scam.
The fraud unfolded when Agarwal Coal Corporation in Madhya Pradesh transferred funds for a stone purchase to Hindustan Metal. Jaiswal, aware of the transaction, created a fraudulent email masquerading as Agarwal’s company, claiming their bank account number had changed. Believing the email, Hindustan Metal transferred the funds to Jaiswal’s account.
On September 3, Hindustan Metal received a notification from Agarwal Coal Corporation stating they had already refunded the money, prompting them to report the scam to the Ballari Cyber Police.
In response, a special team led by DSP Santosh was formed under Ballari ASP Shobha Rani. The investigation traced Jaiswal to Siddhi district in Madhya Pradesh, where he was arrested with Rs1.21 crore in cash recovered from him. Authorities have also frozen an additional Rs27.97 lakh that he had transferred to other accounts.
This case highlights the rising concerns over cyber fraud in India, emphasizing the need for greater vigilance among businesses in financial transactions.