In a significant development in a high-value cyber fraud case, the Patiala police on Thursday successfully obtained an extension of police remand for seven individuals arrested for their alleged involvement in an Rs 8.1-crore online investment scam. The fraud notably targeted former Inspector General (IG) Amar Singh Chahal.
Court Grants Extended Custody for Deeper Probe
The seven accused were presented before a local court, where the investigating team sought additional custody. The police argued that they needed more time to meticulously analyse a large volume of digital and banking evidence recovered in the case. The court, acknowledging the complexity and scale of the investigation, granted the police five more days of remand.
This extension comes after the accused had already spent four days in police custody. During this initial period, investigators stated they had uncovered crucial information regarding the racket's modus operandi and its expansive network. A police officer involved revealed that the voluminous nature of financial transactions, which require detailed scrutiny, and the need to identify and apprehend other suspects still at large were key reasons for seeking the extension.
Modus Operandi: Impersonation and False Promises
According to the details emerging from the investigation, the accused allegedly posed as employees or wealth managers of well-known investment firms and private banks. They reportedly contacted potential victims, luring them with promises of extraordinarily high and guaranteed returns on their investments. In some instances, the fraudsters made audacious claims of profits as high as 30% per day, which served as bait for the victims.
The police probe suggests that the network operated beyond the borders of Punjab, with some suspects believed to be operating from other states within India and possibly even from abroad. This interstate and international angle is a primary focus of the ongoing investigation during the extended remand period.
Wider Network and Ongoing Investigation
The extension of police remand is a critical step for the Patiala police to connect the dots in this sophisticated fraud. The objectives for the next five days include:
- Forensic analysis of digital devices and transaction trails.
- Mapping the entire hierarchy and operational flow of the scam network.
- Identifying and locating the remaining accomplices operating in other regions.
- Tracing the flow of the defrauded money to possibly recover the funds.
The fact that a former senior police officer was among the targets has brought heightened attention to this case, underscoring the brazen nature of the cyber criminals involved. The Patiala police's efforts now focus on dismantling the entire racket to prevent further financial losses to citizens.
