In a significant development, the Thane Special Investigation Team (SIT), led by Additional CP Punjabrao Ugale, apprehended Jitendra Pandey, the key figure behind a staggering RS16,000-crore cyber fraud. After evading capture across various cities, he was finally arrested in Varanasi. The police now face the challenge of identifying the businessmen who facilitated money transfers to Pandey through various channels to evade taxes.
This marks the 12th arrest related to the case, with previously apprehended individuals currently out on bail following the filing of the chargesheet.
The fraud came to light in April 2023, with police uncovering a payment gateway scam in July, where Rs25 crore was illicitly withdrawn from the escrow account of a payment gateway company located in Thane’s Wagle Estate. Investigations revealed that Rs1.39 crore of this amount was transferred to Riyal Enterprises, a company operating in Vashi and Belapur. Further inquiries indicated that some of the 269 bank accounts associated with Riyal Enterprises and its five partnership firms belonged to economically disadvantaged individuals.
The investigation team, along with forensic data experts, identified 11 accomplices who aided Jitendra Pandey in transferring money abroad by establishing fraudulent partnership firms using fake documents. They allegedly employed fake identities and bank accounts belonging to impoverished individuals for these transactions.
Pandey, 39, a commerce graduate with banking experience, absconded immediately after the fraud was reported, deactivating his phone and hiding in Lucknow and Varanasi. Sources reveal that he utilized multiple IP addresses and switched his dongle to contact family or associates, complicating police efforts to track him down. His eventual capture in Varanasi on Sunday was a result of sustained surveillance by the Thane police.
Having amassed extensive knowledge in IT and hawala transactions during his banking tenure, Pandey received funds from business entities to facilitate tax evasion through transfers to China, taking a commission of 20 to 30 percent for each transaction.
Over three years, Pandey assembled a team comprising all the arrested individuals and others still evading capture, each specializing in different illegal activities. According to the Thane police chargesheet filed last month, Amol Andhale, alias Aman and Rohan Kedar, assisted Pandey in creating hundreds of fraudulent bank accounts for underprivileged individuals. Anup Dubey, alias Ansh, was instrumental in establishing the fake import-export business by forming 98 partnership firms and 18 private limited companies.
Sanjay Gaikwad and Dinesh Shirke opened five partnership firms, including Reyal Enterprises, and maintained 12 bank accounts for illicit transactions. They received Rs10,000 to Rs15,000 monthly, depending on activity. Sandip Nakashe and Ram Bohra created two private limited companies and 29 distinct bank accounts for money transfers.
Bhupesh Agrwal and Mahendra Jain, Pandey’s colleagues in banking, provided expertise on outward remittances and aided in the fabrication of shipping documents. Gaurav Bansal, a chartered accountant, offered 15CB certificates for tax evasion, charging Rs10,000 per certificate, aided by three female staff members.
Satinder Singh collaborated with Pandey to evade taxes linked to the fake import-export enterprise by misrepresenting product values to facilitate outward remittances through the accused’s private firm, with all transactions processed via a Hong Kong-based bank.
Currently, all accused individuals are out on bail. A Thane police officer stated, “Through tracing different IP addresses, we located Pandey and arrested him with the support of UP Special Task Force officials. We have secured his custody for seven days. However, given the numerous transactions involving substantial amounts, resolving this case will take time.”
The Thane police have reached out to central authorities in the UAE, Singapore, and Hong Kong for information regarding the outward remittance details in this case, having examined around 108 witnesses thus far.