Bihar’s cybercrime investigation has opened a new trail involving 34 suspected fake trusts, NGOs and shell companies, with investigators examining their alleged links to the movement of money generated through online fraud.
The Cyber Crime and Security Unit (CCSU) has identified 20 suspected NGOs and trusts and 14 shell companies whose current accounts are under scrutiny.
Investigators suspect that some of these entities were created or used to make the movement of cyber fraud proceeds appear like routine business transactions.
Why Did Cyber Fraud Networks Shift To Current Accounts?
Investigators have found that cyber fraud networks previously relied heavily on savings accounts belonging to individuals.
According to the investigation, students and workers were allegedly paid between Rs 5,000 and Rs 10,000 to provide their bank accounts for use by fraud networks.
However, tighter monitoring by banks and the increasing use of fraud alerts have made such accounts easier to flag and freeze.
Investigators now suspect that some networks have shifted towards current and business accounts opened in the names of firms, trusts and other entities.
34 Entities Under The Scanner
The investigation has brought 34 entities under scrutiny, with authorities examining their financial transactions, addresses, ownership details and possible links with cyber fraud networks.
Among the entities named in the investigation are Omkar Seva Sansthan in Uttar Pradesh and firms linked to Patna, including Castam Art Works Private Limited, Kamakhya Limited, Kamala Enterprises and Radhasan Venture Private Limited.
Other firms being examined include SK Enterprises, Hari Om Enterprises and Maa Bhawani Trading.
Investigators allege that several of these entities had little or no genuine business presence despite maintaining corporate banking accounts.
Some allegedly relied on documents such as rent agreements and company seals to establish an appearance of legitimate business activity.
These allegations are part of an ongoing investigation and have not been independently established in court.
The Money Trail Under Investigation
The CCSU is examining whether money obtained through different forms of cyber fraud was routed into the current accounts of these suspected entities.
The investigation includes cases involving digital arrest scams and fraudulent online investment or share-trading schemes, among other forms of cybercrime.
Once the money entered the suspected accounts, investigators found indications of multiple subsequent transactions involving other accounts and withdrawal channels.
The movement of funds through several layers is being examined as a possible attempt to obscure the original source of the money.
Crypto Transactions Also Under Probe
Investigators are also examining whether part of the suspected proceeds was converted into cryptocurrency through peer-to-peer transactions.
According to the investigation, some funds were allegedly converted into USDT and transferred through private cryptocurrency wallets.
Authorities are looking into these transactions to determine the identities of the people controlling the wallets and their links with the wider cybercrime network.
The investigation is focused on reconstructing the financial trail rather than treating individual transactions as proof of wrongdoing.
How Fake Corporate Identities May Have Helped
The suspected use of companies and trusts represents a shift from relying solely on individual account holders.
A business account can handle a high volume of transactions as part of legitimate commercial activity. Investigators suspect that cybercrime networks attempted to exploit this appearance of regular business turnover.
