The Pimpri Chinchwad Cyber Crime unit has revealed that transactions worth ₹3.53 crore passed through a mule bank account controlled by trader Santosh Rupnar, who was arrested earlier in connection with the scam. The victim, an accounts professional, had lost ₹2.24 crore between July and August after being lured into a trading app scheme.
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How the Fraud Unfolded
The victim was added to a messaging group promising high returns from stock trading. Under guidance from fraudsters, he invested ₹2.24 crore in phases, drawing from personal savings and loans. He was directed to transfer funds to over 10 bank accounts. Rupnar’s account, located in Manjari, Pune, was used as a mule account. Officials say the app interface was manipulated to show fictitious gains, encouraging further investment. When the victim tried to withdraw, the fraudsters asked for more money citing taxes or processing fees.
Tracing the Network
Assistant Police Inspector Pravin Swami said Rupnar’s account had been used in at least 12 complaints across states. The cybercrime team is now tracing the flow of funds, identifying handlers and accomplices. Call logs, IP addresses, documents, and money trails are being scrutinised to map the full syndicate. Investigations continue across Maharashtra and other states to expose the larger network behind the scam.
Warning to Investors
Cyber officials warn that even seasoned professionals can fall prey to manipulated trading apps and fake returns. They advise verifying app authenticity, avoiding large upfront investments, and being wary of schemes promising extraordinary returns. The scam underscores how mule accounts create a layer of anonymity that helps criminals evade detection while spreading losses across many victims.
