More than 60 women in Goa were allegedly persuaded to hand over access to their bank accounts on the promise of loans, only for those accounts to be used to route crores of rupees generated through cyber frauds.
Pimpri-Chinchwad Police have arrested two men in the case. They have been identified as Abhikesh Mohan Achrekar, 34, a Goa hotel owner, and Anmol Sharma, 32, from Kolkata.
Police allege that Achrekar and his associates approached ordinary people in Goa, particularly women, claiming they could help arrange loans.
After gaining their trust, the group allegedly obtained access to their bank accounts. Investigators say those accounts were later passed to Sharma and eventually to members of an international cyber-fraud network.
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₹83.80 lakh fraud exposed the hidden account network
The alleged network surfaced during an investigation into a completely different cybercrime.
A manager working with a private company had complained that fraudsters lured him into investing in foreign stock markets and initial public offerings by promising returns of up to 500%.
He eventually lost ₹83.80 lakh.
When police followed the money, they found that around ₹30 lakh had been transferred to a bank account linked to Shivshakti Enterprises.
Further technical and banking analysis led investigators to Achrekar.
Police say he had been frequently changing locations before being traced to Pune, where he was arrested on August 28. During questioning, he allegedly disclosed information about Sharma and the way the accounts were being used.
Sharma was later traced to Kolkata and arrested with assistance from local police.
Investigators say preliminary analysis indicates that crores of rupees may have moved through the accounts obtained from women in Goa before being transferred onwards.
The accused are also being examined for possible connections to cybercrime cases in Pune and Rajasthan.
What is a mule account, and why do cybercriminals need one?
A mule account is an ordinary bank account used to receive or transfer money obtained through fraud.
The account may belong to someone who knowingly rents it out for commission. In other cases, the account holder may be deceived about why the account is required.
The Goa case falls into the second category alleged by police.
Investigators say the women were not aware that their bank accounts would eventually be used for receiving cybercrime proceeds.
For a fraud network, these accounts create distance.
Instead of sending ₹10 lakh stolen from a victim directly into an account controlled by the main scammer, criminals can move the money through several unrelated individuals or businesses.
After a few transfers, the original trail becomes harder to follow.
Money may then be withdrawn in cash, moved into other accounts, transferred through hawala channels or converted into cryptocurrency before reaching the people controlling the operation.
That is why mule accounts have become one of the most important targets for cybercrime investigators.
Pune Police have already arrested hundreds in mule-account crackdown
The latest case fits into a much wider enforcement push in Pune and Pimpri-Chinchwad.
In July, Pimpri-Chinchwad Police launched Operation Mule Hunt, focusing specifically on the bank accounts that form the financial backbone of online scams. Investigators found that accounts were being opened through businesses ranging from web-development firms to real-estate companies, including entities that existed largely on paper.
Pune Police intensified a similar crackdown in August.
Within two weeks, police registered 132 cases, arrested 152 mule-account holders and issued notices to around 2,100 other account holders suspected of allowing their accounts to be used in cybercrime networks.
Another Pune investigation in 2025 found that a bank account opened in the name of a pathology laboratory had been flagged in 10 cyber-fraud complaints and had recorded transactions worth about ₹1.15 crore.
The Goa case shows why this problem is difficult to control.
The person whose name appears on a bank account may not be the person operating the cyber scam. They may simply be one layer in a chain extending through several cities and, in some cases, outside India.
Investigators are now analysing the more than 60 accounts to determine how much money passed through them, which cyber-fraud complaints are connected to the transactions and who ultimately controlled the funds.
That financial trail may reveal how far the alleged network extends beyond Goa, Pune and Kolkata.
What this means for you: Never hand over your bank account, ATM card, cheque book, SIM, OTPs or internet-banking access to anyone promising to arrange a loan. Even if you were deceived, an account used to receive cybercrime money can be frozen and become part of a police investigation.
The420 Insight: The most worrying part of this case is the recruitment method. Cybercrime networks do not always buy mule accounts from willing participants; they can manufacture them by exploiting people who are simply looking for loans, jobs or financial help.
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