New Delhi: A major cybercrime investigation by Delhi Police has exposed an alleged nationwide fraud network accused of handling more than ₹70 crore through hundreds of fake corporate bank accounts. Ten people, including banking sector employees, have been arrested as part of the crackdown, which has uncovered links to cyber fraud cases across 19 states and Union Territories.

The investigation began after a Delhi resident reported losing ₹10,000 in a fake work-from-home freelancing scheme promoted through social media. While tracing the stolen money trail, investigators discovered that the funds had moved through an account registered under a suspected shell company, leading authorities to uncover a much larger financial network.

Fake Companies Used to Move Fraudulent Funds

According to investigators, the accused allegedly created fake business entities and opened corporate bank accounts using those companies. These accounts were then reportedly provided to cybercriminal groups as ready-made channels for transferring and hiding money obtained through online scams.

Police believe the syndicate operated a structured network of mule accounts, allowing fraud proceeds to be transferred through multiple layers of transactions. This method made it difficult for investigators to immediately identify the source and destination of illegal funds.

Banking Connections Under Investigation

Delhi Police have identified several accused persons, including alleged key operators Dishant Khanna, Kundan Kumar, Mohit Soni, Yogesh Kumar, Ranjeet Damion Ekka, and Mridul.

Authorities said five arrested individuals were connected to the banking sector, including three women associated with a partner bank. Investigators allege that these individuals helped the network by facilitating the opening of fraudulent corporate accounts and bypassing required verification procedures.

During searches conducted as part of the investigation, police recovered 248 corporate bank account kits, 38 SIM cards, 22 mobile phones, 28 fake company stamps, 55 debit and credit cards, cash, and a vehicle allegedly used by the group.

Digital evidence collected from seized devices, including financial records and online communications, is being examined to establish the full scale of the operation.

International Links and Wider Cyber Fraud Connections

Investigators have also found suspected links between the network and overseas-based operators in the United Arab Emirates and the United Kingdom. Authorities have initiated further action, including issuing Look Out Circulars against individuals believed to be connected with the alleged operation.

A review of records from the National Cyber Crime Reporting Portal (NCCRP) showed that the recovered corporate accounts were allegedly connected to 156 cybercrime complaints filed across 19 states and Union Territories. Reported losses in these cases exceed ₹20 crore, while authorities have frozen around ₹56 lakh from suspicious accounts during the ongoing investigation.

Experts Highlight Need for Stronger Financial Monitoring

Cybercrime specialists have warned that organised fraud groups are increasingly using shell companies, fake identities, and banking loopholes to move stolen funds quickly.

Experts stressed that stronger Know Your Customer (KYC) compliance, regular monitoring of suspicious accounts, and faster reporting of unusual financial activity by banks are critical to preventing large-scale cyber fraud networks.

The Delhi Police investigation remains ongoing, with authorities continuing to analyse financial transactions and digital evidence to identify additional suspects and recover more funds.

New Delhi: The Directorate of Enforcement (ED) has carried out searches at 19 locations across Tamil Nadu, Kerala and Srinagar as part of a money laundering investigation linked to alleged online investment fraud and fake work-from-home schemes.

The searches were conducted on July 10 and 11 under the provisions of the Prevention of Money Laundering Act (PMLA). According to the agency, the operation covered 16 locations in Tamil Nadu, two in Kerala and one in Srinagar. The case originated from two cybercrime complaints registered by the Tamil Nadu and Telangana Police.

Victims Allegedly Duped Through Fake Investment Platforms

According to ED officials, the accused allegedly attracted victims through fraudulent online investment platforms and work-from-home opportunities by promising unusually high returns and attractive earning opportunities.

Investigators claim that victims transferred nearly ₹14.95 crore into bank accounts allegedly linked to the accused. The agency is examining the flow of these funds and the methods allegedly used to conceal their origin.

Funds Allegedly Routed Through Mule Accounts and Crypto Channels

The ED has alleged that the suspected proceeds of crime were moved through multiple bank accounts, shell entities and cryptocurrency channels to disguise the financial trail.

Investigators have identified Roshan Fiaz as one of the individuals allegedly involved in the suspected laundering network. The allegations against him and others are part of an ongoing investigation and remain subject to judicial review.

The agency claims that several bank accounts were opened shortly before receiving fraudulent funds and later closed after transactions were completed. Officials are examining whether these accounts were allegedly used as part of a wider money laundering arrangement.

Digital Evidence and Financial Records Seized

During the searches, ED teams recovered documents, electronic devices, laptops, mobile phones, banking records, company-related documents and information connected with suspected shell companies.

Investigators also collected details related to cryptocurrency wallets and virtual digital assets to trace the movement of funds allegedly generated through cyber fraud.

According to the ED, assets worth around ₹3.35 crore in cryptocurrency and cash amounting to ₹14.50 lakh were seized during the operation. The agency also froze bank accounts containing more than ₹40 lakh.

Probe Focuses on Complete Money Trail

Officials said forensic analysis of digital devices, banking transactions and cryptocurrency records is underway to identify additional beneficiaries and determine the full extent of the alleged financial network.

Cybercrime experts have highlighted that online investment scams and fake employment frauds are increasingly using sophisticated laundering methods involving mule accounts, shell companies and digital currencies.

Former IPS officer and cybercrime expert Prof. Triveni Singh said that effective investigation of such cases requires advanced digital forensics, blockchain analysis, financial intelligence and coordination between multiple enforcement agencies.

He added that tracking the movement of illegal funds quickly is crucial for improving recovery efforts and strengthening legal action against organised cyber fraud networks.

The ED has stated that the investigation is continuing and further action will be taken based on evidence collected during the probe. The accused will be subject to due legal process, and final determination of guilt will be made by the competent court.

Mathura: The Mathura Cyber Crime Police Station has uncovered an alleged mule bank account network suspected of facilitating cyber fraud transactions worth nearly ₹15 crore as part of Uttar Pradesh’s ongoing Operation Cyber Vajra campaign against digital crime.

Police investigations revealed that three current accounts opened with the State Bank of India (SBI) in the names of a trust, a foundation and a business entity were allegedly used to receive, transfer and withdraw money linked to cyber fraud cases. Two FIRs have been registered against five named accused and several unidentified individuals under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.

Investigation Tracks Suspicious Banking Activity

According to police officials, the alleged network was detected during a special cybercrime crackdown after authorities analysed suspicious financial accounts.

Investigators found that current accounts opened in 2025 under the names of Jan Kalyan Seva Trust, Sahyog Public Foundation and S&D Enterprises were allegedly used as mule accounts. Such accounts are often used by cybercriminal networks to temporarily hold fraud proceeds before transferring funds through multiple channels to hide the source and destination of money.

Police said the three accounts recorded suspected transactions of approximately ₹13.01 crore, ₹48 lakh and ₹1.17 crore respectively, bringing the total amount under investigation close to ₹15 crore.

Authorities are examining banking records, KYC documents, mobile details, digital communications and transaction histories to identify the complete financial trail and determine the role of individuals connected to the accounts.

Accounts Linked to Hundreds of Cybercrime Complaints

The investigation has found links between the suspected accounts and hundreds of complaints filed on the National Cyber Crime Reporting Portal (NCRP).

Police said one account was connected with around 220 complaints, another with 93 complaints and the third with 37 complaints. Investigators believe the number of linked complaints indicates that the alleged network may have been operating across multiple states.

Further analysis is underway to identify connected accounts, beneficiaries and other possible members involved in moving the suspected fraud money.

Main Accused Allegedly Used Multiple Entities to Continue Operations

Police have identified Pankaj Kuntal as the main accused in the case. Investigators allege that he managed the network and created alternative arrangements whenever an account faced restrictions or scrutiny.

According to officials, the accused allegedly opened new current accounts under different organisational names to maintain the flow of suspected cyber fraud funds.

The FIRs also name Virendra Kumar, Ankit Tripathi, Sandeep Kumar and Dharmendra Singh as accused. The involvement of additional unidentified persons is being investigated.

Authorities are analysing account-opening records, electronic evidence, financial documents and communication details to determine the full scope of the alleged operation.

Experts Warn Against Sharing Bank Accounts for Commissions

Cybersecurity experts have repeatedly warned that mule accounts are a key tool used by organised cybercrime groups. Criminal networks often misuse accounts belonging to individuals, businesses or organisations to move illegal funds and make investigations more difficult.

Former IPS officer and cybercrime expert Prof. Triveni Singh advised citizens not to provide their bank accounts, ATM cards, SIM cards, cheque books or online banking access to anyone promising commissions, jobs or financial rewards.

He said criminals frequently use attractive offers to recruit account holders who may unknowingly become part of a financial fraud chain.

Police Issue Public Advisory

Mathura Police have urged citizens to remain cautious and avoid allowing their bank accounts to be used by unknown individuals or organisations for financial benefits.

Authorities advised cybercrime victims to immediately report incidents through the National Cyber Crime Helpline 1930, submit complaints on the National Cyber Crime Reporting Portal, or contact the nearest police station. Early reporting can improve the chances of freezing stolen funds and tracing offenders.

The investigation into the alleged ₹15 crore mule account network is continuing, with police examining additional financial links and possible suspects.