Jhansi: Police in Uttar Pradesh’s Jhansi have uncovered an alleged network that routed suspected cyber fraud proceeds through multiple bank accounts in an attempt to make the money appear like legitimate financial transactions. The Prem Nagar police have arrested six accused in connection with the case. Preliminary investigation has indicated that around ₹403 crore in suspected cyber fraud proceeds passed through nearly 60 bank accounts across the country. Of these, 35 accounts were reportedly maintained in different banks in Jhansi and are allegedly linked to the arrested suspects.
According to police, the network did not directly defraud victims. Instead, it allegedly worked for cybercriminals by receiving fraud proceeds in bank accounts, transferring the money through multiple channels and helping conceal its original source. Bank records, ATM and debit cards, passbooks and digital devices seized during the investigation are being examined as key evidence.
Fraud Proceeds Allegedly Moved Through Multiple Accounts
According to the preliminary investigation, cybercriminals operating in different parts of the country first obtained money from victims. The proceeds were then allegedly transferred to bank accounts operated or controlled by members of the network in Jhansi and elsewhere. From there, the money was rapidly moved through several other accounts.
Police suspect that this process was used to conceal the actual origin of the funds and make the transactions appear legitimate. Moving money through multiple accounts in successive stages is commonly examined by financial investigators as layering.
Investigators are now examining the complete transaction history of the 60 bank accounts. The exercise is aimed at determining the source of the funds, identifying the cybercriminals who sent the money, tracing subsequent transfers and establishing who ultimately benefited from the proceeds.
Alleged Mastermind Reportedly Earned ₹22 Crore
Police have identified Armaan, a resident of Gariya Phatak, as the alleged mastermind of the network. Police claim that he earned around ₹22 crore in just one year through the suspected cyber fraud operation. His father is reportedly an e-rickshaw driver.
The other accused have been identified as Satyam Verma, Adnan Hussain, Adil Hussain, Abhishek Chaudhary, John Paul and Archit Srivastava. According to investigators, their alleged roles may have included arranging bank accounts, operating them and transferring suspected cyber fraud proceeds to other accounts.
Police are questioning the arrested suspects to establish their individual roles and identify additional links in the network.
Suspected Fraud Proceeds Converted Into USDT
During the investigation, police increased surveillance on the suspects’ activities. According to police, the accused were caught while allegedly converting suspected cyber fraud proceeds into USDT, a cryptocurrency-linked digital asset.
Investigators also found that around ₹9.75 lakh had allegedly been converted into USDT through one bank account during the week preceding the action.
Police are now examining digital records and banking documents linked to these transactions. The investigation will focus on identifying the source of the money and determining where the funds were sent after being converted into digital assets.
35 Bank Accounts Located in Jhansi
Of the 60 suspected bank accounts identified during the investigation, 35 are reportedly held with different banks in Jhansi. Police are examining the role of the arrested accused in operating these accounts, along with account-holder details, KYC records and banking documents.
Investigators suspect that the network may extend beyond Jhansi and could have links with cybercriminals operating in several states. Mobile phones, bank accounts and other digital devices seized from the suspects are being analysed to identify their contacts and financial connections.
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Digital Devices Under Financial Trail Analysis
The technical examination of seized digital devices and banking records is expected to help investigators reconstruct the alleged financial network. ATM and debit cards, passbooks and other documents are being examined to determine who provided the accounts and who actually operated them.
The evidence could also help investigators establish connections between account holders, suspected cybercriminals and the ultimate beneficiaries of the funds.
Cybercrime Expert Explains Bank Account Layering
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that cybercriminal networks often use multiple bank accounts to conceal the trail of fraudulent funds.
He said investigators need to go beyond the nominal account holder and establish the actual user of the account, linked devices, UPI activity, KYC details and the ultimate beneficiary of the funds.
He cautioned that providing a bank account, ATM card or UPI facility to another person in exchange for a commission can create serious legal and financial consequences.
Investigation Continues Across States
Jhansi Police are continuing the investigation to connect the banking and digital evidence and identify other members of the alleged network. Investigators are also examining possible links with cybercriminals operating in different parts of the country.
The complete money trail, the role of the arrested suspects and the identities of the alleged cyber fraud operators who supplied the funds will become clearer as the investigation progresses.
About the author — Ananya Aradhya writes on cybercrime, fraud, scams, cybersecurity, digital safety, and emerging threats. Her work also covers major criminal cases, financial frauds, consumer scams, and stories that highlight risks affecting people in the real and digital world.
