Accused Kumar has also created companies like Happu Mental Health Service 2, Festum 24 Technologies Private Ltd and Lokally Technologies Private Limited, in which he and his maternal aunt's sister are directors, according to the STF.

Mishra said, "The primary purpose of these fake accounts was to make transactions in the Happu Mental Health Service company's accounts to increase its valuation. During interrogation, it was also revealed that transactions worth over Rs 3 crore have taken place in Happu Mental Health Service company over the past 10 months."

Kumar's primary objective was to increase the company's valuation and get it listed on the stock market as a public company, so that a huge amount of money could be received as investment through IPO, the agency said.

"Rs 40 lakh in RBL Bank account and Rs 41 lakh in Kotak Mahindra Bank account in the fake name of Amit Kumar have been frozen. Information is being gathered regarding other criminal activities of accused Suneet Kumar," Mishra said.

A case has been registered against the arrested accused at Surajpur Police Station in Gautam Budh Nagar under the sections 319(2), 318(4), 338, 336 (3), 340(2), Bhartiya Nyaya Sanhita (BNS) and 66 D IT Act.

According to the STF, the seized items include two fake IDs, 20 cheque books of different banks, eight debit and credit cards, five PAN cards, 17 forged rent agreements in various names, two Aadhaar cards, three voter ID cards and several other documents.

Further investigation in the case is underway, the officer added.