In a breakthrough, the Kaushambi police on the outskirts of Prayagraj district in Uttar Pradesh have exposed an interstate cyber-fraud racket that duped investors by promising high returns through fake IPO (Initial Public Offer) investments.
Three key members of the gang have been arrested following a coordinated operation by the Cyber Crime Police Station and the district Cyber Cell.
Arrested Accused
The arrested suspects have been identified as:
- Randeep Madavi, son of late Pradeep Kumar Madavi, resident of AF-102 Harinagar, Neelgiri Tower, Ratibad, Bhopal (Madhya Pradesh)
- Dheeraj Malviya, son of Chandar Singh, resident of Mamta Palace, Kalkheda Road, Neelbad, Ratibad, Bhopal (Madhya Pradesh)
- Shubham Patel alias Aadi, son of Ashok Patel, resident of S-2 Ram Homes, C-Sector, Indrapuri, Piplani, Bhopal (Madhya Pradesh)
During interrogation, all three admitted to having committed financial fraud amounting to ₹2.56 crore, cheating nearly 10 victims from different states.
How the Fraud Operated
Kaushambi SP Rajesh Kumar, addressing the media at the Veerangana Durga Bhabhi Auditorium on Sunday, said that the gang had initially approached victim Ramdutt Tripathi, a resident of Daranagar–Kara Dham, through four unknown mobile numbers.
The fraudsters then made him install a mobile application and persuaded him to “invest” in lucrative IPOs. Between 1 September and 23 September 2025, the victim transferred ₹61,19,211 into multiple bank accounts provided by the scammers.
Once the money was received, the accused switched off their numbers and disappeared.
Following the victim’s complaint, a case was registered on 3 October at the Cyber Crime Police Station. The district Cyber Cell was assigned the investigation, which ultimately led to the arrest of the three suspects.
A Commendable Crackdown—But What About Unresolved Cases?
The swift action of the Cyber Crime Unit in this case indicates that cyber cells are increasingly rising to the occasion, successfully tracking digital footprints and nabbing culprits operating across state lines.
However, the situation also raises a pressing concern: What about the numerous cases where FIRs have been filed or complaints lodged, yet victims continue to wait indefinitely for any progress?
As cyber frauds surge across the country, many complainants report long delays, no updates, or inconclusive investigations—even in cases involving significant financial losses.
While arrests like these boost public confidence, the larger challenge remains ensuring that all pending cases receive timely attention, transparent follow-up, and meaningful outcomes.
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