Cyber Police Bust Fintech-Based Scam; Six Arrested In Pimpri-Chinchwad

Pimpri, 12th March 2025: Pimpri-Chinchwad Cyber Police have uncovered a major cyber fraud ring that exploited fintech platforms such as Instant Pay, Air Pay, and Spice Money to siphon funds. Six individuals, including an employee of Air Pay, have been arrested in connection with the case.

The accused have been identified as Naresh Sujaram Choudhary, Jilani Jani Shaikh; both are the residents of Ghatkopar, Mumbai, Amit Battulal Sahu, a resident of Uran, Irfan Khalil Shaikh, Kiran Vasudev Jethnani, and Makarand Sanjeev Vilegavkar; all residents of Panvel.

According to Deputy Commissioner of Police Sandeep Doifode, the investigation began after a complaint was filed regarding a fraud case where a victim was duped of ₹2.8 lakh under the pretense of investing in online trading. The stolen amount was traced to a bank account under the name Infinity Enterprises, which had records of multiple high-value transactions.

Further investigations revealed that funds from Infinity Enterprises were transferred to an account held by Choudhary, who admitted during questioning that a person named Sanjay had instructed the transfers. Choudhary also disclosed that he withdrew the cash and handed it over to Nathu, a fugitive involved in the scam.

The probe further found that Jilani Shaikh had received ₹80 lakh, which was then funneled into Nathu’s Air Pay account. Another accused, Amit Sahu was responsible for executing the transactions.

The gang operated by creating multiple accounts categorized under master distributors, distributors, and retailers. Money obtained from cyber frauds was first funneled into mule accounts under Infinity Enterprises and then transferred to fintech company accounts. The scam further extended to a CMS Infotech account, with Nathu using the “Angadia” courier system to move large sums of cash, effectively covering up the financial trail.

Police are now expanding the investigation to track down Nathu and other associates who facilitated the fraudulent transactions.