Madhya Pradesh’s Special Task Force (MPSTF) has uncovered a large-scale laundering network involving 145 bank accounts held by ten companies registered in India. Investigators say these accounts processed over ₹3,200 crore in recent months, with at least ₹180 crore frozen so far, as part of a broader clampdown on cybercrime-linked financial channels .
Shell Firms Serve as Mule Account Nexus
Originally tied to an international forex investment fraud case, investigations expanded after nearly 262 cyber, job, and investment fraud complaints, including losses of around ₹68 crore, were traced to these accounts . At least 14 of the 145 accounts were confirmed as mule accounts used to park and rotate illicit proceeds from scams involving fake trading platforms and fraudulent job offers.
Complaints have originated from across the country, Maharashtra, Rajasthan, Jharkhand, Himachal Pradesh, and Assam, resulting in multiple FIRs and accelerating efforts to map the full scope of laundering networks .
Patterns of Financial Obfuscation Revealed
According to MPSTF Special DG Pankaj Srivastava, the entities operating the 145 accounts did not conduct legitimate business but existed as on-paper firms designed to exploit anonymity . The accounts received pooled deposits that were quickly shifted across state lines, obscured via successive transfers, then disbursed to other mule accounts or withdrawn in cash. Victims—such as a Navi Mumbai woman defrauded of ₹1.88 crore—have only discovered their money was routed to these company-linked accounts.