From Donation Box To Dalal Street? Probe Finds Stolen Ram Mandir Money Was Invested In Shares

Last Updated:July 09, 2026, 15:17 IST

During custodial interrogation, the arrested accused reportedly admitted that instead of keeping the stolen cash idle, they invested a portion of it in the stock market

Was the money siphoned from the Ram Temple donation boxes quietly finding its way into the stock market? Investigators probing the high-profile donation theft believe a part of the stolen cash was systematically diverted into shares and other financial instruments, exposing what they describe as a sophisticated attempt to not only conceal the money trail but also generate profits from devotees’ offerings.

The alleged investment trail or modus operandi has now emerged as one of the most significant aspects of the investigation into the Ram Temple donation theft case. During custodial interrogation, the arrested accused reportedly admitted that instead of keeping the stolen cash idle, they invested a portion of it in the stock market and other financial instruments. Investigators believe the money was routed through the bank accounts of relatives and trusted associates, making it difficult to trace the origin of the funds.

As the probe widened, police on Wednesday took the arrested accused to their respective residences in Ayodhya for searches and evidence collection. The exercise was carried out in the presence of forensic experts and independent witnesses. Officers questioned family members, examined documents and searched for electronic devices, investment records and other financial evidence that could help establish the money trail.

Investigators have frozen nearly 30 bank accounts belonging to relatives and close associates of the accused. Officials suspect these accounts may have been used to receive, transfer or temporarily park the stolen money before it was invested in shares or withdrawn for personal use. The accounts are now being scrutinised by financial investigators, who are matching banking transactions with stock market investments, property purchases and cash recoveries.

According to investigators, the accused exploited loopholes in the temple’s donation counting system over several months. Cash was allegedly removed in small quantities during the counting process to avoid detection. Rather than immediately spending the money, investigators believe the accused adopted a more sophisticated approach by investing it in financial markets with the intention of earning returns while concealing its origin.

“The investigation has now moved beyond recovering stolen cash. Our focus is on following the money trail to identify where the funds went, how they were invested and who ultimately benefited from them. Every financial transaction linked to the accused is being examined," a senior police officer associated with the probe said.

Police are now working with financial experts to determine the total amount allegedly invested. Brokerage accounts, trading statements, mobile applications used for investing and digital payment records are being examined. Investigators are also trying to establish whether profits earned through these investments were withdrawn, reinvested or used to acquire other assets.

The financial probe has also revealed that several accused accumulated assets disproportionate to their known sources of income. Despite drawing modest salaries, some allegedly purchased expensive vehicles, built houses, acquired jewellery and made substantial investments over the past few years. These transactions are now under the scanner as investigators attempt to determine whether they were financed through diverted temple donations.

During the searches, police also questioned the family members of the accused regarding recent financial transactions, property acquisitions and investments. Officials said statements recorded from relatives would be corroborated with banking records and digital evidence recovered during the investigation.

“Around 30 bank accounts linked to relatives and associates have been frozen. We are analysing banking records, investment details and digital evidence to establish the complete chain of transactions. The objective is to identify every beneficiary and recover the proceeds of the alleged crime," the officer added.

The theft first came to light after suspicious activities were noticed during the counting of donations and were subsequently captured on CCTV cameras installed inside the temple premises. The footage reportedly showed irregular movements by some employees handling the offerings, prompting a detailed internal inquiry and eventually a police investigation.

Subsequent raids at multiple locations resulted in the recovery of cash, foreign currency, gold and silver ornaments from residences and lockers linked to the accused. Investigators believe the recovered assets represent only a fraction of the money allegedly siphoned off from the donation boxes.

The investigation has steadily expanded beyond the theft itself into what officials believe may be a case of financial laundering. By following the investment trail, police hope to establish the complete chain—from the alleged theft of donations to the routing of funds through multiple bank accounts and finally into market-linked investments and assets.

The Uttar Pradesh government has maintained that the investigation will continue until every individual involved in the alleged racket is identified. Officials say no one found complicit will be spared, irrespective of their role. Meanwhile, forensic accountants are reconstructing the financial trail by analysing bank statements, investment portfolios, trading records and digital transactions.

News india From Donation Box To Dalal Street? Probe Finds Stolen Ram Mandir Money Was Invested In Shares

Read More