Police have arrested six people, including a Mumbai lawyer, in a ₹9.88 crore cyber fraud involving over 1,000 bank accounts.
How Was the Fraud Carried Out?
Investigators allege that ₹9.88 crore was transferred through RTGS transactions from the bank account of a mill owner in Wadhoda, rural Nagpur, between July 4 and July 6. Police suspect the accused used SIM swapping to gain control of the victim’s mobile number and intercept banking messages and one-time passwords. The victim reportedly neither shared an OTP nor clicked any suspicious link.
The alleged operation involved shell companies, fintech payment channels and numerous bank accounts. Investigators suspect that money was subsequently withdrawn in cash or transferred through informal hawala networks.
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Who Has Been Arrested?
The six arrested include Mukesh Mishra, 41, a Mumbai-based lawyer who handles cybercrime cases in the Bombay and Delhi High Courts. Police allege that Mishra acted as a cyber consultant for the network, using his knowledge of financial and cybercrime investigations.
The other accused are Hanuman Kumar Ram, 26, Ravikumar Yadav, 24, Azim Rafique Mithani, 26, Rakesh Singh, 44, and Ankur Goswami, 30. Investigators traced suspects across Maharashtra, Uttar Pradesh, Jharkhand and Delhi by examining suspicious transactions and banking records.
How Much Money Was Recovered?
The victim approached cyber police, who registered a case on July 8. Following the complaint, investigators froze and recovered ₹4.21 crore. Police said arrangements were being made to return the recovered funds to the victim’s bank account.
According to rural Superintendent of Police Harssh Poddar, the suspected network operated through more than 1,000 bank accounts connected to fintech companies and payment gateways. Police are also examining whether some proceeds were used to purchase gold in Mumbai and Uttar Pradesh.
What Is the Investigation Examining?
Investigators are reviewing bank accounts, digital records and virtual wallets to establish the movement of funds and identify additional participants. Police said one accused had previously worked for an Indore-based company allegedly linked to a separate ₹3,400 crore fraud. Possible connections to other victims are also being examined.
Authorities are investigating suspected hawala operators and angadia networks in Mumbai and Delhi. The Enforcement Directorate has been approached for assistance. Additional Superintendent of Police Anil Mhaske indicated that further arrests were possible.
The investigation highlights how suspected SIM swapping, shell companies and extensive banking networks can complicate financial fraud investigations. Recovering ₹4.21 crore represents an important development, while tracing the remaining funds and identifying the network’s wider connections remain central to the probe.
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