Neemuch police in Madhya Pradesh have busted an interstate cyber fraud network that duped investors under the pretext of high returns from online share trading, arresting four suspects. Acting under Operation Matrix 2.0, a targeted crackdown against mule bank accounts, investigators seized 62 ATM and debit cards, nine passbooks, eight cheque books, an ATM swiping machine, eight mobile phones, two laptops including a MacBook, a Hyundai Aura car, and ₹51,500 in cash. The syndicate allegedly operated through fraudulent websites, social media channels, and unsolicited phone calls to lure victims with assurances of rapid profits.
Surveillance Traps Yield Initial Arrests
The investigation began after alerts regarding suspicious mule accounts surfaced on the National Cyber Crime Reporting Portal. Detectives mapped the locations of recurring cash withdrawals across local automated teller machines, pairing the digital footprint with confidential intelligence to monitor regional bank branches and cash points. A targeted trap led to the initial interception of three suspects, identified as Nikhil Kumawat, Deepak Meghwal, and Jayant Kumawat, all residents of Kacholi village in the Jeeran police station limits. Their questioning revealed how the syndicate procured, circulated, and utilized multiple financial accounts and debit cards.
Villagers‘ Bank Accounts Used to Route Fraud Money
Information gathered from the trio led officers to the fourth suspect, Alkesh Panwar, a resident of Star City Colony in Neemuch. Inquiries established that the group opened accounts under their own names as well as those of unsuspecting local villagers. Once account kits, cheque books, and debit cards were activated, the materials were transferred to Panwar to receive and siphon defrauded capital. By moving transactions through a web of accounts held in the names of third parties, the operators sought to mask the beneficiaries and obscure the money trail from regulatory and police tracking.
Fake Portals Fronted Share Trading Racket
Panwar allegedly coordinated an office setup linked to a fraudulent trading website, using social platforms and phone calls to pitch share trading advice and lucrative market yields. Once prospective clients deposited capital into designated accounts, the syndicate channeled the amounts through multiple intermediate bank accounts before withdrawing the proceeds in cash. Neemuch City Police Station has booked the four accused under legal provisions pertaining to online fraud and the Information Technology Act. Forensic specialists are analyzing the seized electronic devices and financial ledgers to map interstate connections and establish the overall financial scale of the operation.
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