Ahmedabad | In a significant breakthrough against cyber-enabled financial crimes, police in Ahmedabad have busted a mule bank account racket operating in the city and arrested two accused involved in facilitating illegal financial transactions. The operation, carried out in the Kankaria area, has exposed a well-organized network that allegedly handled funds linked to dozens of cybercrime cases.
According to investigators, the racket revolved around the use of “mule accounts”—bank accounts opened or operated on behalf of others—to receive and transfer illicit funds. During the probe, it was revealed that a single private bank account linked to the accused had been associated with at least 55 cybercrime complaints registered across different locations. This discovery has raised concerns about the scale and reach of the network.
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The arrested individuals have been identified as Jigar Zala, a resident of the Sarangpur area, and Umang Gowani, who was employed with a private bank. Preliminary findings suggest that Zala, who was reportedly under financial stress, was persuaded to open and operate bank accounts that were later used to channel illegal funds. Gowani is believed to have played a key role in facilitating the operation by leveraging his access to banking systems and helping manage transactions.
Investigators have found that the accused used to collect money from unsuspecting victims through various fraudulent schemes and deposit it into these mule accounts. The funds were then quickly transferred across multiple accounts to obscure their origin. In the final stage, the money was converted into cryptocurrency, making it significantly harder for authorities to trace and recover.
The involvement of cryptocurrency in the racket indicates a growing trend among cybercriminals to exploit digital assets for laundering money. By converting funds into crypto, the accused attempted to bypass traditional banking scrutiny and create layers of anonymity in financial transactions.
During the investigation, police also identified the role of a third individual, Mukim, who is currently under scrutiny for his alleged involvement in the network. Authorities believe that the trio worked in coordination, each playing a specific role in executing the fraud—from sourcing accounts and collecting funds to transferring and converting money.
Officials stated that the accused would often “rent” bank accounts from individuals, offering them a commission in exchange for access. These accounts were then used as conduits to move large sums of money obtained through cyber fraud, including phishing scams, online investment frauds, and other digital financial crimes. The use of multiple accounts helped the network avoid immediate detection.
The arrests were made following a targeted investigation, where police tracked suspicious transactions and identified patterns linking multiple complaints to a single account. Acting swiftly, teams moved in to apprehend the accused and secure key evidence, including transaction records and digital devices that are now being analyzed.
Authorities are now expanding the investigation to trace the full extent of the network. Efforts are underway to identify additional accounts, beneficiaries, and possible links to larger interstate or international cybercrime syndicates. Financial records, call data, and digital footprints are being closely examined to map the entire operation.
Experts note that mule account rackets have become a critical component of modern cybercrime, acting as the backbone for money movement. Such networks enable fraudsters to distance themselves from the actual crime, making enforcement more challenging. The integration of cryptocurrency further complicates investigations due to its decentralized and pseudonymous nature.
Officials have urged citizens to remain vigilant and avoid sharing banking credentials or allowing others to use their accounts for financial transactions. They also emphasized the importance of reporting suspicious activities promptly, as timely complaints can significantly aid in tracking and dismantling such networks.
The case highlights the evolving nature of financial fraud and the increasing sophistication of cybercriminals. With digital transactions becoming more widespread, authorities face the dual challenge of keeping pace with technology while ensuring robust safeguards against misuse.
Further arrests and revelations are expected as the investigation progresses, with agencies focusing on dismantling the entire ecosystem supporting such illegal operations.
