Bengaluru police arrested three men in a ₹93.58 lakh online trading fraud case involving hundreds of suspected mule accounts.
How did the trading fraud begin?
The case began after a Bengaluru resident identified as Harish complained that he had been cheated through a fake online trading arrangement. Police said he was added to a WhatsApp group and persuaded to open a demat account for online trading.
The group allegedly instructed him to deposit money into several bank accounts in instalments. He eventually transferred ₹93.58 lakh but received no returns, according to police.
The Bengaluru North Division cybercrime police arrested three alleged interstate cybercrime operators. They were identified as Amit Mishra from Jharkhand, Tausif Ahmed from JC Nagar in Bengaluru and Parashuram Sadanand from Jeevan Bimanagar. Police also seized mobile phones allegedly used in the operation.
Proposal for Conducting Cyber Crisis Drill, Tabletop Exercise (TTEx) & CCMP Readiness Exercise
How were bank accounts allegedly used?
Investigators said the accused collected details of bank accounts and linked SIM cards by offering commissions. The accounts allegedly belonged to individuals, corporate entities and trusts.
Police said account holders were sometimes accommodated in hotels, where APK files were installed on their mobile phones. These applications allegedly allowed the accused to receive one-time passwords and SMS messages connected with banking transactions.
An examination of the accused persons’ mobile phones led police to more than 507 suspected mule bank accounts. Investigators said the accounts had been used in cybercrime cases across several states, including Karnataka and Maharashtra, as well as New Delhi.
What other transactions are under scrutiny?
Police also referred to another alleged transaction involving a person named Srinivas. The accused allegedly promised to donate money to his charitable trust and called him to Lucknow.
Investigators said ₹5 lakh from money linked to the present case was deposited before the remaining amount was transferred to other accounts. The details are being examined as part of the wider investigation into how funds were allegedly moved through the network.
The suspected use of hundreds of accounts has widened the investigation beyond the original trading fraud complaint and raised questions about the scale of the alleged money-routing operation.
What wider links have police found?
Investigators said the accused used a Dubai-based application for communication and cryptocurrency wallets to transfer illicit funds. Analysis of internet protocol and location data allegedly indicated links to a network active in Kolkata, Hong Kong and California.
Police identified the principal accused as Anoop alias Zulfi. He remained absconding, along with individuals allegedly managing Telegram IDs, and efforts to trace them were continuing.
The investigation is examining the suspected interstate network, the use of bank accounts and SIM cards, and the digital channels allegedly used to move money. The arrests form part of the police inquiry into the ₹93.58 lakh complaint and the broader network that investigators believe may be connected with cybercrime cases in multiple places.
Follow for daily updates on cybercrime, corporate fraud, DFIR, hacking, investigations, and digital forensics
