Mumbai Crime Branch investigators have busted a brazen cybercrime operation that “purchased” nearly one thousand bank accounts and used them to siphon off a staggering INR 60.82 crore from cyber fraud victims across India. Twelve individuals, including account sellers and syndicate operators, were arrested in raids that exposed the organized depths of this digital money-laundering network.
The Modus Operandi Unveiled
According to Deputy Commissioner of Police Raj Tilak Roushan, the scam hinged on buying “mule” accounts—opened in the names of unsuspecting individuals, often for just INR 5,000 to INR 7,000 each. Once acquired, these accounts were used in cyber frauds such as “digital arrests,” fake shopping scams, and fraudulent share trading schemes. Multiple ATM and swiping machines, over 100 SIM cards, passbooks, cheque books, and laptops were seized in the operation.
A total of 943 mule accounts were traced, with around 180 directly tied to fraudulent transactions. The thefts included INR 1.67 crore from Mumbai victims and INR 10.57 crore from the rest of Maharashtra, while the remainder came from across India.
A Shadowy Middle Layer in Cybercrime
Officials revealed that five of the arrested had specifically sold their bank accounts, while others established two front companies near Kandivali to manage account purchases and fund transfers. Fraud proceeds were reportedly converted into cryptocurrency and moved internationally—a tactic that reflects growing sophistication and transnational reach.
Mumbai Police have opened multiple FIRs—including 14 in the city and 45 across wider jurisdictions—to unravel the full extent of the scam. The case has ignited scrutiny of bank KYC procedures, as investigators probe whether account opening protocols were bypassed or possibly misused with insider help.
Why It Matters
This case casts light on how cybercriminals exploit vulnerable individuals and systemic vulnerabilities to commit large-scale financial fraud. It offers a stark reminder that flimsy checks and anonymity tools like SIM cards and mule accounts can create devastating knockout blows to trust and security in banking. Fortifying verification systems and monitoring unusual transactions may be the only defense.