Kolkata: A businessman in Kolkata has allegedly been trapped in a sophisticated money mule cyber fraud after approaching a private consultancy for a ₹30 lakh business loan. According to the complaint, the victim, who was facing financial difficulties, unknowingly became part of a cybercrime money laundering operation when his bank account was allegedly used to route ₹34.5 lakh suspected to be proceeds of cyber fraud.
Fake Loan Offer Used As Trap
The complainant alleged that representatives of the consultancy assured him that the loan would be approved without difficulty and asked him to sign an agreement. They also collected his and his wife’s PAN and Aadhaar cards, along with other personal documents.
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The victim further alleged that the firm collected ₹50,000 in cash as a processing fee and obtained a signed blank cheque worth ₹30 lakh.
The alleged fraud escalated when representatives of the consultancy visited the victim’s residence for what they described as a physical verification process. During the visit, they allegedly gained access to his internet banking credentials and primary email account.
Account Frozen After Suspicious Credits
Shortly afterwards, two transactions amounting to ₹11 lakh and ₹23.5 lakh, totalling ₹34.5 lakh, were credited to his bank account. When the account holder attempted to withdraw the money, the bank informed him that the account had been frozen on the instructions of interstate police because the funds were suspected to be linked to cybercrime.
Investigators believe the victim’s bank account was allegedly used as a money mule account to transfer and conceal proceeds generated through online financial fraud.
Following the complaint, Baguiati Police registered a case under multiple provisions of the Bharatiya Nyaya Sanhita and launched an investigation.
Money Mule Network Under Probe
Investigators are tracing the origin of the funds, identifying those behind the fake loan scheme and examining whether the network similarly exploited other individuals by using their bank accounts to move illicit money.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said cybercriminals are increasingly relying on money mule accounts to launder proceeds of online fraud. He said fraudsters lure people with promises of jobs, business loans, commissions or investment opportunities before obtaining access to their bank accounts and digital banking credentials.
He advised the public never to share internet banking details, OTPs, email accounts, signed blank cheques or sensitive financial information with unknown individuals or organisations.
Investigators said digital evidence, banking records and financial transaction trails are being analysed to identify the entire network and trace the ultimate beneficiaries of the allegedly stolen funds.
