A major investigation has uncovered a widespread cyber fraud network operating across multiple Indian states, where fraudsters are openly buying bank accounts from individuals for prices ranging between ₹5,000 and ₹3.5 lakh. The racket, spanning regions like Gwalior, Bihar, and Kolkata, highlights the growing scale of organised financial cybercrime.
The revelation comes after an extensive on-ground probe involving direct interactions with agents and intermediaries, exposing how ordinary people are being lured into selling their bank accounts for quick money—accounts that are later used for cyber fraud.
Bank accounts being traded like commodities
Investigators found that cybercriminals are actively purchasing bank accounts through agents, with prices varying based on transaction limits and usability.
In some cases, individuals were offered ₹30,000 for a single account, while bulk deals—such as providing five accounts—could fetch as much as ₹3.5 lakh. Premium accounts with higher transaction limits were reportedly sold at even higher rates.
Fraudsters are particularly targeting individuals facing financial distress, convincing them to open accounts or hand over existing ones in exchange for immediate cash.
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How the network operates
The operation follows a structured chain involving multiple players. Agents first identify individuals willing to sell or rent out their accounts. These individuals are then asked to provide:
- Bank account details
- ATM cards and PINs
- Linked SIM cards
- Aadhaar and other KYC documents
Once acquired, these accounts are handed over to higher-level operators who use them to route fraudulent money, making it difficult for authorities to trace the real culprits.
The accounts are often circulated across states, further complicating investigation and jurisdiction.
Commissions and profit structure
The investigation revealed a well-defined commission system within the network. Account holders are promised a share of the fraudulent money, typically ranging between 3% to 10% of the transaction amount.
In addition, monthly “rent” models also exist, where account holders receive ₹30,000 to ₹35,000 per month for allowing continued use of their accounts.
Agents and middlemen earn separate commissions for sourcing accounts, creating a multi-layered profit chain within the racket.
Digital fraud money routed through mule accounts
These accounts, commonly known as “mule accounts,” are used to receive and transfer money obtained through scams such as phishing, investment fraud, and digital arrest schemes.
Once money enters these accounts, it is quickly withdrawn or transferred across multiple layers, making recovery extremely difficult.
Fraudsters openly claim that such accounts can be used to channel large volumes of illegal funds without immediate detection.
Easy recruitment through social engineering
The network relies heavily on informal recruitment methods. Agents approach people directly or through local contacts, often pitching the scheme as a harmless way to earn extra income.
In many cases, individuals are assured that:
- No legal action will be taken against them
- Their accounts will only be used temporarily
- They will not be held responsible for transactions
However, experts warn that account holders remain legally liable for all transactions conducted through their accounts.
Law enforcement on alert
Authorities have acknowledged the seriousness of the issue, stating that such mule account networks are a critical backbone of cybercrime operations.
Officials have warned that individuals involved—whether knowingly or unknowingly—can face charges related to fraud, money laundering, and criminal conspiracy.
Law enforcement agencies are now intensifying efforts to identify and dismantle these networks, including tracking financial trails and monitoring suspicious account activity.
A growing national concern
The findings indicate that the problem is not limited to one region but is part of a nationwide cybercrime ecosystem, with coordinated operations across multiple states.
Experts believe that unless awareness increases and stricter verification systems are implemented, such networks will continue to expand, enabling large-scale financial fraud.
The case serves as a stark reminder that in the digital age, even a seemingly simple act like sharing a bank account can have serious legal and financial consequences.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
