The UP Special Task Force (STF) on Wednesday arrested the alleged mastermind of a multi-crore online investment fraud syndicate accused of duping thousands of people by luring them to invest in cryptocurrency and foreign exchange trading through a platform operating under the name SEA PRIME CAPITAL, senior police officials said here on Thursday.
The accused, identified as Jatindra Ram (41), a resident of Haryana’s Yamunanagar district, was arrested from a restaurant on Delhi road in Saharanpur. According to the STF, Jatindra was wanted in a case registered at Masuri police station, Ghaziabad Commissionerate, in connection with an alleged multi-crore investment scam.
During interrogation, Jatindra told investigators that he was the kingpin of the racket and named Mohit Rana, Gaurav Singh and Geeta Hazarika among his main accomplices.
According to the STF, the gang allegedly created a façade of legitimacy by setting up a trading training entity called EduKandle, registered in Dehradun. Through social media campaigns, seminars and a wide network of agents across multiple states, the syndicate allegedly persuaded people to invest sums starting from ₹50,000 and above, promising unusually high returns.
Investigators said investors were provided user IDs on an MT-5 application, which the STF claimed is not authorised for trading operations in India. Officials said the app remained fully controlled by the syndicate to mislead investors.
“The accused and his associates allegedly showed notional gains on the app to build trust. Some investors were even given small returns initially so that they would continue investing and bring in more people,” an STF officer said.
As per the STF’s press note, the syndicate’s main office was projected as SEA PRIME CAPITAL, purportedly shown as virtually registered on a European island. The STF suspects that funds collected from investors were converted into cryptocurrency and then transferred abroad, primarily to Dubai and Mauritius, where the accused allegedly acquired assets in local currencies to evade freezing and seizure by Indian agencies.
Officials also alleged that several bogus firms and shell companies were floated in India to layer and route the proceeds of crime. The STF said the accused claimed that the racket was run through more than 3,500 agents across the country, with over 30,000 investor IDs created and a managed fund size estimated at ₹700–800 crore.
The agency said the case may also attract provisions under the Foreign Exchange Management Act, 2000, and that a report is being sent to relevant enforcement agencies for further action.
Jatindra has been handed over to the local police in Ghaziabad Commissionerate for further legal proceedings, while efforts are underway to arrest the remaining absconding members of the syndicate.
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