Indore police have arrested two men for allegedly operating a mule bank account linked to a multistate cyber fraud case.
The arrests followed an investigation by Pardeshipura police into suspicious banking activity flagged through the Indian Cyber Crime Coordination Centre (I4C) portal. Both accused are in police custody and are being questioned about their alleged involvement in receiving and transferring money through a suspected mule account.
Who Are the Two Accused?
Police identified the arrested individuals as Divyansh Verma, 30, a resident of Clerk Colony, and Raunak, also known as Satish Kumar Lokwani, 43, a resident of Silver Oaks Colony in Annapurna.
According to an official police statement, the two were arrested after investigators examined information concerning a bank account suspected of being used in cyber fraud across multiple states.
The case was registered under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS), which deals with cheating involving dishonest inducement to deliver property. Both men remain in custody as investigators examine the financial transactions associated with the account.
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How Was the Suspected Mule Account Operated?
Investigators identified a Central Bank of India account at the Clerk Colony branch, held in Divyansh Verma’s name, as a suspected mule account. During preliminary questioning, police found that Verma, who trades in cryptocurrency and files income tax returns, allegedly received money into his account at the direction of his associate, Raunak. Verma reportedly retained a four per cent commission from the funds received and handed the remaining amount to Raunak.
Police suspect that this arrangement allowed money associated with cyber fraud to pass through an account held by another individual. The investigation is continuing to establish the account’s role in the wider alleged fraud.
What Did Police Recover During the Investigation?
Police seized the passbook and ATM card associated with the suspected mule account. Investigators also recovered passbooks, chequebooks and debit cards belonging to three additional bank accounts held by Verma. Other documents and materials connected with the suspected account were also taken into police custody.
These recoveries form part of the investigation into how the accounts were operated and whether other banking facilities were used for similar transactions. The available information does not specify the total amount transferred through the accounts or the number of victims linked to the case.
What Is Operation MATRIX 2.0?
The arrests were made under Operation MATRIX 2.0, which stands for Mule Account Tracking Removal Investigation Exercise. The operation is being conducted on the directions of the State Cyber Police Headquarters in Bhopal. Its objective is to identify bank accounts suspected of being used in cyber fraud and initiate legal action against their holders, operators and users.
The Pardeshipura investigation forms part of this broader effort to examine accounts flagged through cybercrime intelligence and identify individuals involved in handling suspected fraudulent funds.
The420 Insight: The case illustrates how bank accounts can allegedly be used to receive and transfer suspected cyber fraud proceeds in exchange for commissions. The investigation remains ongoing, and the precise financial scale of the suspected operation has not been disclosed.
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