Police have arrested a Mumbai-based cybercrime lawyer and five others for allegedly stealing ₹9.88 crore from a mill owner’s bank account through unauthorised online transactions.
The accused allegedly used SIM swapping and multiple bank accounts to execute the fraud and move the stolen money across different locations.
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Lawyer Accused of Leading the Fraud
Mukesh Mishra, 41, a lawyer who handles cybercrime cases and runs a law firm in Mumbai, is suspected of guiding the interstate operation.
Police said Mishra allegedly worked as a cyber consultant for the gang, using his knowledge of cybercrime investigations. Several accused had previously worked in the banking sector.
The other arrested suspects are Hanuman Kumar Ram, 26, Ravikumar Yadav, 24, Azim Rafique Mithani, 26, Rakesh Singh, 44, and Ankur Goswami, 30.
How Was ₹9.88 Crore Stolen?
The fraud allegedly occurred between July 4 and July 6, when ₹9.88 crore was transferred through RTGS transactions from the bank account of a mill owner residing in Wadhoda, Nagpur rural.
Investigators suspect the accused used SIM swapping to gain access to the account without the victim sharing an OTP or clicking suspicious links.
Police are examining how the transactions were authorised and how the accused obtained control of the account.
How Did Police Recover ₹4.21 Crore?
The victim approached cyber police, who registered a case on July 8. Prompt reporting helped investigators freeze funds and recover ₹4.21 crore, which was returned to the complainant’s account.
Technical analysis of suspicious bank accounts and fintech companies led investigators to Maharashtra, Uttar Pradesh, Jharkhand and Delhi.
Police also sought assistance from the Enforcement Directorate to examine the financial transactions.
How Was the Stolen Money Transferred?
Investigators suspect the accused operated several shell companies and routed money through fintech firms, payment gateways and more than 1,000 bank accounts.
Some funds were allegedly withdrawn as cash or transferred through hawala channels. Police also suspect that part of the proceeds was used to purchase gold in Mumbai and Uttar Pradesh.
What Other Fraud Links Are Being Investigated?
Police said one accused had worked at an Indore-based company linked to an alleged ₹3,400 crore fraud.
Investigators are examining digital records, virtual wallets and suspected hawala connections in Mumbai and Delhi. Further arrests remain possible.
The420 Takeaway: “SIM Swapping Can Put Bank Accounts at Risk”
The case highlights how suspected SIM swapping can enable financial fraud without victims directly sharing OTPs. The recovery of ₹4.21 crore also demonstrates the importance of promptly reporting unauthorised banking transactions.
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