Faridabad | In a major breakthrough in a cyber fraud investigation, Faridabad Police have arrested two bank employees accused of providing direct support to an investment-linked scam involving nearly ₹4 crore. The accused allegedly helped cybercriminals open mule bank accounts that were later used to route and layer fraud proceeds across multiple channels.
According to investigators, the entire racket operated under the guise of stock market investments and high-return schemes. Victims were initially shown small profits to build trust, after which they were encouraged to invest larger sums. Once significant amounts were deposited, the funds were rapidly transferred across multiple bank accounts and siphoned off.
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Police sources confirmed that internal banking support played a crucial role in enabling the fraud. The arrested individuals, identified as Shubham and Kamal Kant, were working at a bank branch and are accused of facilitating the opening of several suspicious accounts using questionable or manipulated documentation. These accounts were then handed over to the cyber fraud network.
Officials said these mule accounts were systematically used to create multiple transaction layers, making it extremely difficult to trace the origin of the stolen funds. Preliminary estimates suggest that transactions worth approximately ₹4 crore were routed through this network as part of various cyber fraud operations.
Investigators further revealed that the accused received commissions for each account they facilitated. The payments were allegedly made by an overseas-based cyber syndicate, indicating possible cross-border coordination. Some of these accounts have also been linked to cyber fraud cases reported in multiple states.
During questioning, it emerged that the accused exploited banking procedures to open accounts that could bypass routine scrutiny. In several instances, concerns have been raised regarding the authenticity of KYC documentation, which is now under separate verification.
The police have taken both accused into custody and secured a three-day remand for intensive interrogation. Authorities are now probing the wider network, including additional collaborators and the complete financial trail of the stolen money. Investigators are also examining whether more individuals within the banking ecosystem were involved.
Cybersecurity experts note that insider involvement significantly increases the complexity and scale of such frauds. It not only provides fraudsters with access to legitimate banking channels but also helps them obscure transactions through institutional credibility.
Cybersecurity expert and former IPS officer Prof. Triveni Singh said, “Cybercrime today is no longer limited to external attackers. It increasingly exploits weak links within financial and banking systems. Mule accounts have become one of the biggest challenges in the entire fraud ecosystem.”
He further explained that such scams typically begin by building trust through small returns, followed by gradual escalation of investments. Eventually, the funds are transferred through multiple layers to conceal their trail and make recovery extremely difficult.
Authorities stated that the investigation is ongoing, with a focus on identifying additional accounts and suspicious transactions linked to the network. Early findings indicate that the operation may be part of a larger interstate cyber syndicate involving multiple banking insiders and financial intermediaries.
Officials added that further arrests are likely as the digital trail and money flow analysis progresses, with agencies working to dismantle the entire network behind the scam.
