In a significant development, the Thane SIT team, under the leadership of additional CP Punjabrao Ugale, has apprehended Jitendra Pandey, the primary suspect in a staggering ₹16,000-crore cyber fraud case. Pandey, who had been evading capture across various cities, was finally apprehended in Varanasi. The focus of law enforcement now shifts to tracking down the businessmen who funneled funds to Pandey through various channels to evade taxes.

This latest arrest marks the 12th in connection with the case. Previous suspects, following the filing of chargesheets, have been released on bail.

The elaborate payment gateway scam unfolded in April 2023, when authorities uncovered a scheme siphoning ₹25 crore through the escrow account of a payment gateway company in Thane’s Wagle Estate. Further investigation revealed that ₹1.39 crore of this amount had been routed to Riyal Enterprises, a company with offices in Vashi and Belapur. It was subsequently discovered that several of the 269 bank accounts linked to Riyal Enterprises and its associated partnerships belonged to economically disadvantaged individuals.

During the probe, cyber police and forensic experts identified 11 accomplices who aided Pandey in transferring funds overseas using fraudulent partnerships and identities. Pandey, aged 39 and a commerce graduate with prior banking experience, went into hiding immediately after the initial case surfaced in July. His evasion tactics included using varied IP addresses and intermittently activating his communication devices.

Pandey’s modus operandi leveraged his banking expertise in IT and hawala transactions. Capitalizing on his role, businesses entrusted him with funds destined for China to circumvent taxes, with Pandey pocketing a substantial percentage from each transaction.

His network employed deceptive practices such as fabricating import-export transactions to facilitate outward remittances. Falsified documentation and accounts were utilized to evade customs duties and income taxes in India.

Pandey assembled his team over three years, comprising both apprehended and at-large individuals with diverse skill sets. The chargesheet details their roles, including setting up bank accounts, orchestrating fraudulent businesses, and providing false certifications to dodge tax obligations.

Despite the arrests, all accused are currently out on bail. The ongoing investigation involves international cooperation, with authorities seeking information from UAE, Singapore, and Hong Kong regarding outward remittances. With numerous transactions involving substantial sums, law enforcement anticipates a protracted resolution.