Panna police have uncovered a massive Rs 100 crore cyber fraud in which investments and paid promotions were converted into cryptocurrency and sent to China, officials said on Friday.
Authorities recently arrested Mohammad Bashar from Kolkata, accused of providing mule bank accounts to handlers in China.
During the investigation, police discovered an international network operating online scams. The gang sent APK files related to cryptocurrency trading, enticing victims with promises of high returns on low investments, with operations directed from China.
Additional Superintendent of Police Vandana Singh Chauhan told Free Press that the gang used “paid promotion” offers to lure victims. A complainant from Panna district initially received returns to gain trust, but after investing Rs 5 lakh, his social media account was blocked.
Police traced transactions exceeding Rs 100 crore across 40 bank accounts linked to the accused. Over 400 complaints have been filed nationwide against the gang.
The ASP revealed that the accused earned commissions of 1% to 5% per transaction. Mule account holders were paid Rs 50,000 to Rs 1.5 lakh and asked to open current accounts, which were then taken over digitally to funnel funds.
Once deposited, the money was withdrawn, converted to cryptocurrency, and transferred to China. SP Cyber Bhopal, Pranay Nagwanshi, stated that authorities are coordinating with national and international agencies to identify and apprehend all involved.
