Bhopal S T F Cracks Down on ₹2,283 Crore Trading Scam: Two Shell Companies Busted, 12 FIRs Filed Across 6 States, 2 Accused Arrested in Delhi
In a LandMark action against Cyber-Enabled Financial Crimes, the Bhopal Special Task Force (S T F) has UnEarthed a colossal ₹2,283 Crore Investment Scam operated under the pretense of Online Trading. This Large-Scale racket involved two bogus Companies running Fraudulent Investment Platforms that promised Guaranteed Monthly Returns to UnSuspecting Investors.
The S T F has Filed 12 FIRs across Six States, including Madhya Pradesh, Maharashtra, Gujarat, Rajasthan, Uttar Pradesh, and Delhi, and Arrested two key accused from the National Capital. The Investigation reveals a highly Coordinated Operation that Exploited Technology, Fake Digital Platforms, and Shell Companies to deceive Investors and move large Sums of Money across 16 Bank Accounts.
The Modus Operandi: High Returns, Zero Risk – A Trap
The Fraud was cleverly disguised under the name of Trading in Stock Markets, Forex, and Crypto-Assets, operated via Mobile Apps and Websites. One of the prominent Platforms, called ‘BotBro’, falsely claimed Global Registrations and displayed Fabricated Returns to lure Users.
Investors were offered Returns up to 8% per Month, a number attractive enough to draw in Working Professionals, BusinessPersons, and even NRIs. These Companies showed links to Dubai-Based Firms and shared Manipulated DashBoards that portrayed steady and rising Profits, creating a false sense of Security and Urgency.
The accused also deployed Referral Incentives and Fake TestiMonials, turning victims into Promoters. This turned the Fraud into a Modern-Day Ponzi Scheme, where early Investors were paid Returns from new Investors' Capital.
The Financial Trail: Over ₹2,283 Crore in 16 Accounts
Initial Forensic Audits by the S T F revealed:
₹2,283 Crore of Financial Movement across 16 different Bank Accounts
Creation of more than 90 shell Companies to Launder and Redistribute Money
High Investor ConCentration in Indore, which emerged as a major Victim Hub
The Fraudulent EcoSystem included Layers of Fake Firms, GST Registrations, and MisUsed Bank Accounts to ByPass regulatory Red Flags. Investors' Money was Cycled between these shell Firms to Mimic Legitimate Financial Activity.
Masterminds Arrested: Mayank Goyal & Harshad Parekh
The two Arrested—Mayank Goyal and Harshad Parekh—were Tracked Down in Delhi. Both are said to be the Core Operators of the Scam, Managing the Tech Infrastructure, Marketing, and Fake Accounting Systems. Their Arrest is expected to Open Up further leads about other Beneficiaries and Coordinators involved in the Racket.
The S T F is Coordinating with CyberCrime Units, and Bank Authorities, and has sought assistance from National Agencies to Freeze the Accounts involved and trace the Diverted Money.
Enforcement Directorate & SEBI on Alert
Given the Cross-Border Financial Links, the Enforcement Directorate (ED) is now likely to initiate a Money Laundering Investigation under PMLA. Additionally, SEBI (Securities and Exchange Board of India) has been informed for a detailed Audit of the Investment Practices used by the Companies involved.
Authorities are also probing connections to Hawala Networks and Foreign Investments, which might reveal deeper ties to Illegal Financial Networks Abroad.
India’s Growing Financial Frauds – A Wake-Up Call
This Incident has once again HighLighted the Urgent need for:
Stricter monitoring of UnRegulated Investment Apps
Faster Action by Regulators and Enforcement Agencies
Enhanced Digital Literacy among Investors
With the Digital Boom and Crypto Adoption in India, the number of Scam Cases has increased. Many Fraudsters exploit the gap between Regulation and Technology to launch High-Return Schemes without offering any underlying Product or Asset.
S T F’s Warning to Investors
The S T F has appealed to Citizens to stay Alert and avoid any Platform promising Fixed Monthly Profits—especially those lacking Proper Registration under Indian Financial Laws. Victims are encouraged to File Complaints immediately through CyberCrime Portals and Local Police Stations.
They've also urged Financial Influencers and Media Platforms to act responsibly and avoid Promoting or Endorsing such Platforms without Due Diligence.
Trisha Kesarwani
Fintech Specialist
Asiatic In Corp
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