CyberCriminal.com

Arun Panchariya

We are investigating Arun Panchariya for allegedly attempting to conceal critical reviews and adverse news from Google by improperly submitting copyright takedown notices. This includes potential violations such as impersonation, fraud, and perjury.

PARTIES INVOLVED : Arun Panchariya

ALLEGATIONS : Perjury, Fraud, Impersonation

INCIDENT DATE : 04 Mar 2025

INVESTIGATED BY : Ethan Katz

TOOLS USED : Lumen, SecurityTrails

CASE NO : 8235/A/2025

CRIME TYPE : Intellectual Property Scam

PUBLISHED ON : 18 Mar 2025

Arun Panchariya
Due Diligence
Get everything we know about Arun Panchariya in one downloadable PDF document
Is This About You?
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What We Are Investigating?

Our firm is launching a comprehensive investigation into Arun Panchariya over allegations that it has been suppressing critical reviews and unfavorable Google search results by fraudulently misusing DMCA takedown notices. These actions, if proven, could constitute serious legal violations—including impersonation, fraud, and perjury.

We conducted comprehensive analyses of fraudulent copyright takedown requests, meritless legal complaints, and other unlawful efforts to suppress public access to critical information. Our reporting sheds light on the prevalence and modus operandi of a structured censorship network, often funded and used by criminal enterprises, oligarchs and criminal entities seeking to manipulate public perception and bypass AML checks conducted by financial organisations.

The fake DMCA notices in this investigation appears to have been strategically deployed to remove negative content from Google search results illegally. Based on this pattern, we have reasonable grounds to infer that Arun Panchariya - or an entity acting at its behest - is directly or indirectly complicit in this cyber crime.

In most such cases, such ops are executed by rogue, fly-by-night 'Online Reputation Management' agencies acting on behalf of their clients. If evidence establishes that the subject knowingly benefited from or facilitated this scam, it may be deemed an 'accomplice' or an 'accessory' to the crime.

What are they trying to censor

Arun Panchariya, a Dubai-based non-resident Indian, has emerged as a central figure in intricate financial machinations, particularly concerning the manipulation of Global Depository Receipts (GDRs). Despite regulatory sanctions and legal proceedings, Panchariya’s endeavors to suppress adverse information about his activities reveal a concerted effort to evade accountability and continue his fraudulent operations.

The Architect of GDR Manipulation

Arun Panchariya’s name has become synonymous with the manipulation of Global Depository Receipts (GDRs). GDRs are financial instruments used by companies to raise capital in international markets, allowing foreign investors to hold shares in foreign companies. While legitimate in purpose, Panchariya exploited this mechanism to orchestrate fraudulent schemes that duped investors and undermined market integrity.

In a notable case involving Winsome Yarns Ltd, the Securities and Exchange Board of India (SEBI) imposed a ₹15 crore fine on Panchariya for his role in fraudulent GDR issuance. SEBI’s investigation revealed that Panchariya, in collaboration with connected entities and Winsome, structured the GDR issue such that these entities subscribed to the GDRs through loans and subsequently sold the converted equity shares in the Indian securities market. This elaborate scheme defrauded Indian investors, with Panchariya and his associates acting as conduits in this deception.

Further scrutiny uncovered Panchariya’s involvement in the GDR issuance of Hiran Orgochem Ltd. Here, SEBI found that Panchariya was the key person actively involved in the GDR process at every stage, perpetrating fraud on Indian investors by subscribing to GDRs in a fraudulent manner, obtaining loans, defaulting on loan payments, converting GDRs into equity shares, and subsequently selling those shares. For this manipulation, SEBI imposed a ₹25 crore penalty on Panchariya.

The Web of Connections

Panchariya’s operations were not solitary endeavors; they involved a network of interconnected entities designed to obfuscate and facilitate his schemes. He was linked to several companies, including Pan Asia Advisors Ltd (now known as Global Finance and Capital Ltd), India Focus Cardinal Fund (IFCF), and Alka India Limited. Notably, Panchariya was the Chief Investment Officer of IFCF and the 100% shareholder of Cardinal Capital Partners Ltd, which in turn held 100% shareholding of IFCF. This structure positioned him to control the decisions of IFCF, furthering his manipulative activities.

Additionally, entities such as Alkarni Holdings Ltd, Oudh Finance and Investment Ltd, Basmati Securities Ltd, and SV Enterprises Ltd were identified as counterparties for large portions of shares sold by Foreign Institutional Investors (FIIs) subsequent to the cancellation of GDRs issued by the companies associated with Panchariya. These connections highlight a complex web of affiliations aimed at executing and concealing fraudulent activities.

Regulatory Rebukes and Evasion Tactics

SEBI’s investigations culminated in stringent actions against Panchariya and his network. In one instance, SEBI ordered the attachment of Panchariya’s bank accounts, as well as his shares and mutual fund holdings, to recover dues totaling over ₹26 crore related to the Hiran Orgochem GDR manipulation case. This decisive move underscored SEBI’s commitment to holding Panchariya accountable for his fraudulent activities.

Censorship and Information Suppression

Beyond financial machinations, Panchariya has endeavored to censor adverse information and control the narrative surrounding his activities. This includes legal maneuvers to challenge regulatory findings and attempting to distance himself from entities involved in the fraudulent schemes. Such tactics are aimed at obfuscating the truth and deterring investigative efforts that could expose his misconduct.

A Call to Vigilance

The intricate schemes orchestrated by Arun Panchariya serve as a stark reminder of the vulnerabilities within financial systems and the lengths to which individuals will go to exploit them. For potential investors, this underscores the imperative of thorough due diligence and skepticism toward complex financial instruments that lack transparency.

Regulatory bodies must remain vigilant and proactive in identifying and dismantling such fraudulent networks. While SEBI’s actions against Panchariya are commendable, they also highlight the need for continuous monitoring and swift enforcement to deter similar schemes.

Conclusion

Arun Panchariya’s saga is emblematic of the dark underbelly of financial markets, where greed and deceit intertwine to the detriment of unsuspecting investors. It is incumbent upon all stakeholders—regulators, investors, and the media—to shine a light on such malfeasance and ensure that those who perpetrate financial fraud are held accountable.

  • https://lumendatabase.org/notices/49599929
  • https://lumendatabase.org/notices/49631891
  • March 04, 2025
  • March 05, 2025
  • Deccan Chronicle Newspaper
  • Vernon Davis News
  • https://www.deccanchronicle.com/nation/in-other-news/220723/ed-attaches-rs-59-crore-in-gdr-scam-case.html
  • https://www.tumblr.com/vernondavisnews/777252408421220352/ed-attaches-rs-59-crore-in-gdr-scam-case?source=share
  • https://www.en.etemaaddaily.com/world/hyderabad/ed-attaches-rs-59-crore-in-gdr-scam-case:135384

Evidence Box

Evidence and relevant screenshots related to our investigation

Targeted Content and Red Flags

business-standard.com

Sebi slaps Rs 15 cr fine on Panchariya in Winsome Yarns GDR manipulation

  • Red Flag
Visit Link

The Hindu

ED attaches assets worth ₹59.37 crore in alleged GDR scam case

  • Red Flag
Visit Link

Deccan Herald

Sebi slaps Rs 15 crore fine on Arun Panchariya in Winsome Yarns GDR manipulation case Read more at: https://www.deccanherald.com/business/sebi-slaps-rs-15-crore-fine-on-arun-panchariya-in-winsome-yarns-gdr-manipulation-case-3012525

  • Red Flag
Visit Link

About the Author

The author is affiliated with TU Dresden and analyzes public databases such as Lumen Database and Maltego to identify and expose online censorship. In his personal capacity, he and his team have been actively investigating and reporting on organized crime related to fraudulent copyright takedown schemes.

Additionally, his team provides advisory services to major law firms and is frequently consulted on matters pertaining to intellectual property law.

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How This Was Done

The fake DMCA notices we found always use the 'back-dated article' technique. With this technique, the wrongful notice sender (or copier) creates a copy of a 'true original' article and back-dates it, creating a 'fake original' article (a copy of the true original) that, at first glance, appears to have been published before the true original

What Happens Next?

Based on the feedback, information, and requests received from all relevant parties, our team will formally notify the affected party of the alleged infringement. Following a thorough review, we will submit a counter-notice to reinstate any link that has been removed by Google, in accordance with applicable legal provisions. Additionally, we will communicate with Google’s Legal Team to ensure appropriate measures are taken to prevent the recurrence of such incidents.

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