Now Reading: MP panchayat member held in Rs 21 crore cyber fraud case
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MP panchayat member held in Rs 21 crore cyber fraud case
Madhya Pradesh cyber police arrested district panchayat member Jagdish Malviya and mechanical engineer Ankit Verma for allegedly routing money from a Rs 21.05 crore cryptocurrency investment fraud. The scam victim is a…
The Story in Brief
Madhya Pradesh cyber police arrested district panchayat member Jagdish Malviya and mechanical engineer Ankit Verma for allegedly routing money from a Rs 21.05 crore cryptocurrency investment fraud. The scam victim is a 70-year-old Gwalior-based chartered accountant.
Investigators say Malviya allowed his bank accounts to be used as first-layer mule accounts, charging 2% commission. Over Rs 2.93 crore was traced to his accounts since November 2025. Malviya reportedly told police he wanted quick money to fund a future Assembly election bid. Verma allegedly arranged accounts to finance a large garage.
The Indian Opinion
This case fuels the narrative that politicians are inherently corrupt, but the truth is more specific: a local leader abused his position for personal ambition. The real failure is weak oversight of mule accounts used by cyber syndicates. The Election Commission must answer: how many contesting candidates have unexplained bank inflows that escape scrutiny?
Source: newindianexpress.com
This story was synthesised by AI from the source linked above.
