India, Nov. 12 -- A special court constituted under the Central Bureau of Investigation (CBI) in Mumbai has denied bail to Sudhir Bhaskar Palande, accused of playing an active role in an organised cyber-fraud network that allegedly targeted victims through phishing, identity theft and "digital arrest" scams. The court held that the allegations were grave and the investigation was still unfolding, warranting continued custody.

According to the CBI's Economic Offences Branch, the syndicate diverted proceeds of online scams through layers of shell entities and mule bank accounts. Investigators found that on July 2, a bank account of M/s SP Cargo and Courier Services Pvt Ltd, a firm linked to Palande, received Rs.3.81 crore siphoned from mul...