Jaipur, Nov 20 Acting on directives from the Rajasthan Police Headquarters to curb rising cybercrime, Bharatpur Police in Rajasthan has dismantled a massive fraudulent investment network that duped more than 3 lakh innocent investors across the country, causing a financial loss exceeding Rs 3,500 crore.
An official said that five key accused have been arrested, and substantial assets have been seized.
He said that this major operation was carried out by a special team formed under the direct supervision of the District Superintendent of Police, Bharatpur, Digat Anand, and led by Circle Officer, Bharatpur City, Pankaj Yadav, IPS.
“The fraud came to light after a case was registered at Mathura Gate Police Station on November 12, 2025, alleging that a fake investment website, gqcw.cn, along with a mobile application, was enticing people to invest in cryptocurrencies and forex markets with promises of high returns, bonuses, and incentives,” he said.
The official said that the investigations revealed that the company was not registered with SEBI, RBI, MCA, or any competent regulatory authority in India.
“Although the website claimed to have been operating out of Russia since 2016, police found that the network actually began its operations in Jaipur in November 2022,” he said.
The official said that the individuals named Sandeep Sigar and Rajat Sharma emerged as key figures behind the creation and management of this fraudulent enterprise.
“The website falsely projected that it had 4.7 million users and $4.3 billion in assets under management. However, physical verification showed that while the user base was indeed around 4.7 million, the actual deposits collected via fraud amounted to Rs 350 million (approximately Rs 3,100 crore),” he said.
He further added that the same group was also running another fake investment website, pvp.com, through which around 9,000 users were defrauded of $58 million (over Rs 500 crore).
He said that the Police have arrested five accused in connection with this large-scale cyber fraud.
“The police have seized Rs 40 lakh in cash, gold jewellery, five luxury vehicles, and cryptocurrency worth approximately Rs 40 lakh. The action has been taken under various sections of the Irregular Deposit Schemes Prohibition Act, 2019, and relevant provisions of the BNS,” he said.
--IANS
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