Gujarat Exclusive > National-World > ‘Power Bank’ fraud: Uttarakhand police unearth Rs 250-crore cyber scam

‘Power Bank’ fraud: Uttarakhand police unearth Rs 250-crore cyber scam

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  • Power Bank app lured investors with double returns in 15 days; this money was allegedly siphoned off to foreign countries, according to police; app had been downloaded 50 lakh times

Dehradun:  If something is too good to be true, it probably is not true. Ignoring this wisdom proved dear for numerous investors who fell for the lure of getting their money doubled in a short time and lost a whopping Rs 250 crore to a cyber fraud.  The fraud involves an application named Power Bank which promised high returns on investment. Uttarakhand police busted the fraud and arrested one of the members on Tuesday.

Power Bank, an app available on Google Playstore till last month, offered lucrative returns on investment in various schemes. Nearly 50 lakh people in the country have reportedly downloaded this app. Ironically, the entire fraud is said to have taken place in just four months.

The matter came to light when one of the victims, a resident of Haridwar, approached the police after realizing the fraud. The complainant had invested Rs 1.65 lakh after being promised double returns in 15 days. Investigation revealed that the money had been transferred to various accounts. Subsequently, other complaints too were received in the matter. As the cops followed the trail, they unearthed the Rs 250 crore scam.

The Special Task Force (STF) of Uttarakhand Police arrested one of the gang members, Pavan Kumar Pandey, from sector 99 in Noida. The gang reportedly used companies registered in India as shell companies to carry out their nefarious activities. As per preliminary investigation, Pandey was one of the directors of a shell company used to siphon off the money by primary investors, supposedly Chinese. The money was allegedly converted to cryptocurrency and siphoned off to foreign coutries. This has led to the suspicion of involvement of foreign nationals in the scam. A total of 19 laptops, five mobile phones and 592 SIM cards were seized from Pandey.

While revealing the worth of the fraud, Ajay Singh, senior superintendent of police (SSP), STF, said that the money deposited in different schemes through the Chinese application Power Bank was moved to foreign countries in the form of cryptocurrency, he added.

The Intelligence Bureau and the Enforcement Directorate too were involved in the investigation, according to Uttarakhand DGP Abhinav Kumar.

 

 

 

 

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