Mumbai: A Mumbai-based woman suffered a massive loss of ₹33.50 lakh in a cyber fraud case, where criminals transferred the money through 969 different bank accounts. The woman filed an FIR in January 2026, after which the court allowed her to temporarily receive ₹20.12 lakh.
The 38-year-old woman, experienced in finance management and trading for over a decade, came across an Instagram advertisement related to stock market investments. Clicking the link added her to a WhatsApp group of 150 members, run by a person claiming to be a professor, along with an assistant and a manager. The group regularly shared investment tips and directed members to download a trading app.
FCRF Launches Premier CISO Certification Amid Rising Demand for Cybersecurity Leadership
When the woman attempted to withdraw her supposed profits, she was told she had to first deposit ₹33.50 lakh as a “centralized tax”, at which point she realized she had been scammed. She then approached the police.
Evidence submitted to the court showed 978 separate transactions, ranging from ₹29.01 to ₹45,510. Most transfers were in three- or four-digit amounts to make tracing more difficult. This technique is commonly used in money mule networks, where criminals move stolen funds through multiple accounts to complicate the audit trail.
The Borivali judicial magistrate noted on March 27:
“Considering the police report, it is clear that the bank accounts where amounts were transferred are frozen. Prima facie, the applicant appears entitled to temporary custody of the transferred amount.” The court also directed the woman to submit a ₹30 lakh indemnity bond, agreeing to return the funds if it is later proven she is not entitled.
Similarly, courts have allowed transfer of funds to other cyber fraud victims, with over 500 unique accounts involved in those cases.
Recently, the Ministry of Home Affairs issued a Standard Operating Procedure (SOP) clarifying the interim custody of funds frozen or seized during cyber fraud investigations. The SOP aims to provide victims with timely and fair relief while ensuring smooth banking processes.
Experts warn that urban investors must remain cautious against online investment and stock market scams.
“Cybercriminals often use small transactions to complicate the money trail. Victims should invest only through official channels and recognized platforms,” cybersecurity specialists advised.
