An investigation into an alleged ₹5,600 crore cyber fraud network in Kanpur has uncovered a major money-routing mechanism involving online gaming and betting accounts.
Investigators have traced transactions worth ₹1,037 crore through just 16 accounts linked to online gaming. The network is suspected of transferring fraud proceeds into thousands of bank accounts belonging to people involved in online gaming, IPL and other match betting.
How Were Gaming Accounts Used?
Investigators suspect that fraud proceeds were transferred into accounts linked to online gaming and betting activity.
By moving money through multiple such accounts, the alleged network could create additional layers between the original fraud and the final recipients of the funds.
Transactions worth ₹1,037 crore have so far been traced through 16 accounts linked to online gaming.
Also Read: https://the420.in/fatf-gaming-gambling-money-laundering-risks/
How Much Money Was Traced?
Investigators have identified 77 bank accounts across 14 banks allegedly connected to the network.
Around ₹3,000 crore in transactions has been detected in accounts maintained with ICICI Bank and HDFC Bank.
Accounts linked to Bank of Baroda, Bandhan Bank, Kotak Mahindra Bank and Punjab & Sind Bank are also under investigation.
Authorities are examining the source of funds, transaction trails and subsequent transfers.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
Why Is the Nepal Link Important?
The investigation has also brought the name of Ikhlaq Hussain, the son of a police sub-inspector from the Chakeri-Sanigwan area, into the case.
A cyber team traced his location to a mall in Lucknow on Friday, but he allegedly left before investigators arrived.
His location was subsequently traced to Nepal, according to the investigation.
Authorities are examining his movements and alleged links with other members of the network.
What Is the Dubai Connection?
Investigators are also examining international travel by alleged kingpin Shahjev and several associates.
Travel records reportedly show visits to Dubai, Turkey, Uzbekistan and Kyrgyzstan.
Authorities are now trying to determine whom they met during these trips and whether the alleged fraud network had links outside India.
What Did Police Find in Bank Accounts?
Chand Siddiqui and Mohammad Aman have also been linked to the alleged network. Both are already lodged in Kanpur jail in connection with another fraud case.
Investigators found transactions worth ₹33.62 crore in Chand’s bank account over two years.
In Aman’s HDFC Bank account, transactions amounting to ₹559 crore were detected within one year.
The source and nature of these transactions are being examined.
Apart from Ikhlaq Hussain, alleged key members include Ehtesham, Shahwez Ilahi, Mohammad Muzammil, Mohammad Arif, Mohammad Anas and Mohammad Arsalan.
A total of 10 accused are currently reported to be absconding.
Search operations and technical surveillance are underway to trace them.
Investigators have identified 77 suspected firms allegedly associated with the network.
These include Agrocom, Siddhnath Enterprises, Royal Enterprises, Indigo, KGM, AM Enterprises, MA Traders, SS Enterprises, AI Agro Food, SG Traders, Perfect Traders, MS Royal and SR Enterprises, among others.
Preliminary verification found that while several firm names appeared genuine, their registered addresses were allegedly incorrect or suspicious.
A large number of the firms were reportedly linked to slaughterhouse and scrap-related businesses.
Investigators are now verifying whether these firms actually existed and conducted genuine business.
Why Gaming and Betting Accounts Matter
The investigation indicates that the alleged fraud proceeds were not kept in one place. Instead, money was circulated through numerous bank accounts, online gaming accounts and suspected business entities.
The discovery of ₹1,037 crore in transactions linked to online gaming accounts within an alleged ₹5,600 crore network has put gaming and betting channels at the centre of the money trail.
Investigators are now connecting banking records, suspected firms, absconding accused and international travel histories to establish the full structure and reach of the alleged network.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
