Kanpur, May 8 -- The Kanpur Nagar Commissionerate on Friday arrested Mahfooz Ali alias "Pappu Chhuri," the alleged mastermind behind a Rs 146 crore financial fraud racket involving fake firms and illegal transactions, from the Jajmau area of Kanpur.

This gang operated by setting up shell companies using the PAN cards of semi-literate labourers. The operation was executed by a joint team comprising the Chakeri Police, the Cyber Cell, and the Surveillance Unit.

According to the police, Mahfooz had opened approximately 68 bank accounts in the names of his family members. Through these accounts, transactions totalling Rs 146 crore were routed via just a single firm, 'Afisa Enterprises.' The investigation yielded a startling revelation that ...