Industrialist Ruia Sent To 7-Day Police Custody In Rs 600Cr Cyber Fraud Case

(MENAFN- IANS) Kolkata, April 1 (IANS) Kolkata-based industrialist Pawan Kumar Ruia, arrested by the cybercrime division of the West Bengal Police in connection with a Rs 600 crore cyber fraud case, was on Wednesday remanded to seven days of police custody by a district court.

Ruia, who was arrested on Tuesday evening outside a hotel in New Town on the northern outskirts of Kolkata, was produced before the Bidhannagar sub-divisional court on Wednesday afternoon. During the hearing, the public prosecutor sought police custody for further interrogation.

The next hearing in the matter is scheduled for April 9.

Ruia’s counsel argued that the police had acted in a“hyperactive manner” in making the arrest.“These days, most payments are made online. Various banking apps are used for this. Many times, we do not understand who is sending money for what purpose. In such a situation, if a company receives some amount, there is nothing that can be done,” the counsel submitted.

Countering the argument, the public prosecutor said that the main allegation against Ruia pertains to money laundering.“Hundreds of crores of rupees have been defrauded. This is a major financial fraud case spread across the country,” the prosecutor argued.

At the end of the hearing, the court remanded Ruia to seven days of police custody.

Ruia, founder-chairman of the Ruia Group, who had earned a reputation as a takeover specialist by acquiring several public and private sector entities, had been under the scanner of cybercrime sleuths for his alleged involvement in the scam.

The arrest follows a case registered in 2024 at the Eco Park Police Station under Bidhannagar City Police based on a complaint filed by Swapan Kumar Mandal.

Investigators suspect that money generated through various online frauds across the country was routed into bank accounts linked to Ruia and his family members.

Incidentally, Ruia was earlier arrested in 2016 in connection with the theft of railway equipment from the Jessop factory, which had been taken over by the Ruia Group. After the closure of the Jessop and Dunlop factories owned by him, the state government had initiated steps to acquire them.

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