What began as a ₹24 lakh street robbery near Shyam Nagar on February 16 has snowballed into a high-stakes financial investigation, with suspicious withdrawals worth ₹1,573 crore coming under the scanner. The case has led to the arrest of six accused and triggered a deeper examination of multi-bank transactions allegedly linked to businessman Mehfooz of Jajmau.
Shyam Nagar Robbery Exposes Cash Carriers
The robbery took place a short distance from the Shyam Nagar outpost when Mohd. Wasid and his neighbour Arshad were intercepted by four men riding two motorcycles near Shatabdi Park. The assailants allegedly overpowered them and fled with a bag of cash. While the initial complaint mentioned a loss of ₹8 lakh, subsequent verification established that ₹24 lakh had in fact been looted.
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₹3.20 Crore Withdrawal Split Among Carriers
Investigations revealed that the cash Wasid was carrying was part of a larger withdrawal made earlier that day. Mehfooz had allegedly withdrawn ₹3.20 crore in cash from a bank on Birhana Road. The money was then taken to a rented room in the Jhakarkati area, where it was divided among four carriers. Wasid and Arshad were assigned ₹24 lakh, while the remaining amount was dispatched through three others in separate directions.
₹1,573 Crore Multi-Bank Hawala Suspicion
CCTV footage from the robbery site confirmed the sequence of events, but the focus soon shifted from the street crime to the source and pattern of the funds. Scrutiny of financial records revealed that over the past two-and-a-half years, ₹1,573 crore had been withdrawn from 68 bank accounts spread across 12 banks. These accounts were allegedly operated by Mehfooz, his firm and persons linked to his business operations.
The magnitude and frequency of the withdrawals have raised suspicions of a possible hawala network operating under the cover of legitimate transactions. Investigators are examining whether the funds were being routed to undisclosed beneficiaries, used for money laundering, or diverted to avoid taxation. Digital trails, account statements and transaction patterns are being analysed to establish the end use of the funds.
Six Arrested, Mehfooz Role Under Scrutiny
Six accused have been arrested in connection with the robbery. Among them are individuals believed to have had prior information about the movement of cash. During questioning, investigators are attempting to ascertain how details of the transfer were leaked and whether insiders were involved. Call data records and location tracking are being matched with CCTV footage to reconstruct the planning and execution of the crime.
The role of Mehfooz is also under scrutiny. He has been questioned regarding the purpose behind repeated large-scale cash withdrawals and the method of distributing money through multiple carriers. Investigators are examining seized documents and electronic devices to trace potential links to a wider financial network.
Sources indicate that the structured manner in which the cash was split and transported points to a well-established system rather than an isolated transaction. The use of numerous accounts across banks and consistent high-value withdrawals has intensified suspicions of organised financial operations.
For now, the probe continues on two parallel tracks — the armed robbery and the suspected financial irregularities. Further action will depend on the outcome of the forensic audit and verification of beneficiary accounts. As investigators piece together the financial trail, the case is being viewed as one of the most significant cash-linked probes in the region in recent times.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
