Mumbai | In a major cyber fraud case involving fake stock market investments, authorities in Mumbai have arrested a Nashik-based man who allegedly acted as a mule account holder, enabling fraudsters to route illegal funds. Investigations revealed that the accused received ₹7.4 lakh as commission, while a total of ₹87 lakh was siphoned off from a city resident.
The case surfaced after a Dadar resident filed a complaint stating that he was cheated by individuals posing as representatives of a private bank. According to investigators, the fraudsters approached the victim via WhatsApp, using the bank’s logo and branding to build credibility and gain his trust.
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The victim was then added to a WhatsApp group where scammers created a convincing illusion of a professional trading environment. Fake profit screenshots, trading tips and success stories were regularly shared to make participants believe they were part of a legitimate stock investment platform.
To further the deception, a fake trading account was created in the victim’s name on a fraudulent website. Under the pretext of high-return stock investments, the victim was persuaded to transfer money in multiple installments. Over time, the total amount transferred reached approximately ₹87 lakh.
Investigators found that the fraud money was routed through multiple bank accounts to avoid detection. During the financial trail analysis, a crucial transaction of ₹7.4 lakh was traced to a bank account linked to a firm named Universal Engineering.
This account was registered in the name of the arrested accused, a 46-year-old resident of Nashik. Officials said he allowed his bank account to be used for receiving illegal funds and earned a commission in return, effectively acting as a mule account holder in the operation.
Following his arrest, the accused was produced before a court and remanded to police custody. Authorities are now examining whether he was an active member of the fraud syndicate or merely a facilitator used by the main perpetrators.
Officials confirmed that efforts are ongoing to identify and arrest the key masterminds behind the scam. Digital evidence, bank transaction records and communication data are being analysed to trace the full network and uncover additional accounts used in the fraud.
Cybercrime experts highlight that such scams rely heavily on social engineering techniques. Fraudsters use platforms like WhatsApp to establish trust and gradually manipulate victims into making large financial transfers under the illusion of legitimate investment opportunities.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh explained that such frauds are carefully designed psychological traps. “Scammers first build trust and then lure victims with promises of high returns. Mule accounts form the backbone of these operations, allowing rapid movement of funds across multiple accounts, making tracing extremely difficult,” he said.
Experts further warn that mule accounts have become a critical component of modern cybercrime. These accounts enable quick layering and dispersal of stolen funds, often within hours, reducing the chances of recovery.
They also caution that individuals who knowingly or unknowingly allow their bank accounts to be used for such незакон activities can face serious legal consequences. Strict adherence to banking norms and vigilance is essential to prevent misuse.
The case highlights the growing risks in online investment spaces, especially with the rise of unverified digital platforms. Authorities advise citizens to verify the authenticity of investment schemes, avoid unsolicited offers promising unrealistic returns and report suspicious activity promptly.
With cyber fraud cases on the rise, enforcement agencies are intensifying their crackdown on both perpetrators and facilitators. The Nashik arrest is seen as a crucial step in dismantling the broader network behind such scams.
The investigation remains ongoing, with more arrests expected as authorities continue to trace financial and digital links connected to the operation.
