Court extends remand of CG bizman amid allegations of financial fraud in ₹51 lakh case

Bhopal: A trial court in Gwalior on Monday extended the police remand of Chhattisgarh based businessman - Kunal Jaiswal,42, up to April 14 while rejecting the plea in a case of duping a retired Gwalior teacher of Rs 51 lakhs. Prosecution informed the court that they wanted to collect more evidence in the matter.Jaiswal was arrested from Bhilai (Chhattisgarh) in connection with a case pertaining to alleged blackmailing and duping a retired teacher of Gwalior. Though the person who cheated the teacher has not been ascertained yet, police officials firmly believe that Jaiswal is somehow connected and they claim to have traced footprints of the financial transactions.A teacher, aged 71, got a call claiming that obscene messages were sent from her number. The caller threatened her with action from ED and CBI. She panicked and transferred around Rs 51 lakh to a bank account. When she reported the matter to police, investigations revealed that around Rs 9.50 lakh were sent to a UAE account. Some transactions were traced to a nationalised bank in Kashmir. Police zeroed in on Kunal Jaiswal during these investigations and arrested him under various sections including forgery and IT Act. Identity cards and digital devices were seized. He is also an IT graduate.Police said that Rs 51 lakhs duped from the woman was transferred to 25 bank accounts in other states including Gujarat, Kashmir and Rajasthan. When the police investigated these accounts, it was found that the money had been transferred online from other accounts, but from one account the suspect had personally withdrawn the money. Police traced a money transfer from a Bank account in Bhilai to a UAE account.A police team was sent to Bhilai to examine the bank records before arresting Jaiswal. Out of Rs 51 lakh defrauded from the teacher, Rs 46 lakh was transferred to Punjab National Bank in Kashmir, police informed. On March 14, over Rs 50 lakhs had reached the same account in a single day. This amount was immediately shifted to other accounts. This money was transferred from these accounts to Dubai. Kunal also has a company and account in UAE.While senior officials claim that they have sufficient evidence against him, Jaiswal’s family members say it otherwise. They claim he had registered a company in Dubai with a license from UAE Government for dealing in multiple products including crypto currency. “On 14th and 15th March 2024 there was a cyber fraud in Gwalior where 51 Lacs of a 71 years old lady was siphoned off to a bank account of some unknown person. Same person approached Kunal Jaiswal on the crypto platform to buy currency by paying money which is a legitimate transaction as per applicable laws. He paid eight lakhs out of 51 cheated from the lady to the bank account of Kunal's associates and the money was then subsequently paid to his Dubai company in exchange for selling Cryptocurrency which proves that he is not the beneficiary of the fraud,” said a person associated with the family wishing anonymity. “Police tried to trace the chain of transaction but couldn't find the person who cheated the old lady but zeroed in to Kunal's company as he had full KYC compliance done following the applicable laws,” he said. Investigating officers however claim that he is involved and they have evidence.
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