Mumbai Crime Branch has uncovered a massive cyber fraud racket involving the purchase of nearly one thousand bank accounts that were used to siphon off ₹60.82 crore from victims across India. Twelve individuals, including account sellers and syndicate operators, were arrested in coordinated raids that exposed a well-organised digital money laundering network.
According to Deputy Commissioner of Police Raj Tilak Roushan, the operation relied on buying mule accounts opened in the names of unsuspecting individuals, often for as little as ₹5,000 to ₹7,000 each. These accounts were then misused for cyber frauds such as digital arrests, fake shopping scams, and fraudulent share trading schemes. Police seized multiple ATM and swiping machines, over 100 SIM cards, laptops, passbooks, and cheque books as evidence.
Investigators traced a total of 943 mule accounts, with about 180 directly linked to fraudulent transactions. Losses included ₹1.67 crore from victims in Mumbai and ₹10.57 crore from the rest of Maharashtra, with the remaining amount siphoned from other states.
Police authorities revealed that five of those arrested had sold their bank accounts, while others established two front companies in Kandivali to handle account purchases and illegal fund transfers. A large portion of the defrauded money was converted into cryptocurrency and moved abroad, highlighting the increasing global reach and sophistication of such scams.
Mumbai Police have registered several FIRs, including 14 in the city and 45 in other regions, to investigate the full scale of the fraud. Police officials are also examining whether bank KYC procedures were bypassed or compromised, possibly with insider collusion.
This case has raised serious concerns about how criminals exploit vulnerable individuals and loopholes in banking systems to execute large-scale financial fraud. It serves as a reminder of the urgent need to strengthen verification systems and closely monitor suspicious transactions to prevent such crimes.
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