In a complex case of online financial fraud, a Mumbai-based woman fell victim to a large-scale scam involving hundreds of bank accounts, highlighting the growing sophistication of cybercrime.
A 38-year-old woman lost ₹33.50 lakh in a cyber fraud where criminals routed funds through 969 different bank accounts. She filed an FIR in January 2026, after which a court allowed her to temporarily recover ₹20.12 lakh.
The woman, who has over 10 years of experience in finance management and trading, came across an Instagram advertisement related to stock market investments. After clicking the link, she was added to a WhatsApp group with 150 members. The group was operated by a person posing as a professor, along with an assistant and a manager. Members were regularly given investment tips and asked to download a trading app.
When she tried to withdraw her profits, she was told to first deposit ₹33.50 lakh as a “centralized tax.” This raised suspicion, and she realised she had been scammed before approaching the police.
Court submissions revealed 978 transactions ranging from ₹29.01 to ₹45,510. Most payments were split into small amounts to make tracking difficult. This method is commonly used in money mule networks, where stolen funds are routed through multiple accounts to hide their origin.
The Borivali judicial magistrate observed 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 required.
In similar cases, courts have allowed recovery of funds involving over 500 unique accounts.
Recently, the Ministry of Home Affairs issued a Standard Operating Procedure (SOP) to clarify interim custody of funds frozen or seized during cyber fraud investigations. The aim is to ensure timely relief for victims while maintaining proper banking procedures.
Experts have warned that investors, especially in urban areas, should stay cautious while dealing with online investment opportunities and stock market schemes.
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