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.

In a major crackdown on cyber-enabled financial crime, the East Kutch Police have uncovered an extensive fraud network involving more than 100 suspected mule bank accounts linked to transactions worth approximately ₹44 crore. The operation, carried out under the Gujarat government’s “Operation Mule Hunt 2.0” initiative, has resulted in the arrest of four alleged members of an interstate cybercrime syndicate.

Authorities said investigations are ongoing to apprehend four additional suspects believed to be connected to the network.

Intelligence-Led Operation Targets Organized Cybercrime

The investigation began after the Cyber Crime Police Station in East Kutch received actionable intelligence regarding suspicious financial activities. Law enforcement teams combined technical surveillance with human intelligence to identify individuals allegedly involved in facilitating cyber fraud transactions.

East Kutch Superintendent of Police Sagar Bagmar stated that the operation forms part of a broader statewide effort to dismantle criminal networks that use banking channels to move illicit funds generated through online scams.

Based on the gathered intelligence, police teams conducted targeted raids that led to multiple arrests and the seizure of crucial digital evidence.

Financial Records Reveal Large-Scale Fraud Activity

During the investigation, officials reportedly recovered extensive financial data that exposed the scale of the alleged operation.

According to preliminary findings, the network controlled or had access to nearly 105 mule accounts used to receive and transfer money obtained through cyber fraud schemes. Transaction records examined by investigators indicate that approximately ₹44 crore moved through these accounts over a period of time.

Police suspect the accounts were used to conceal the origins of illegally obtained funds and distribute proceeds among members of the criminal network.

Authorities believe victims of the fraud may be spread across several Indian states, suggesting that the operation had a nationwide reach.

Possible International Links Under Examination

Investigators have also identified indications of possible cross-border connections linked to the network. Early analysis of digital evidence suggests that certain activities and transaction trails may have connections to Sri Lanka.

Officials clarified that these international links are still being verified and remain part of the ongoing investigation. Cybercrime experts are examining financial and communication records to determine whether foreign actors were involved in the operation.

Four Arrested, Search Continues for Others

Police have registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.

While four suspects have been taken into custody, authorities are actively searching for four additional accused who are believed to have played key roles in the fraud network. Investigators are also analyzing seized electronic devices, bank records, and transaction histories to identify more individuals connected to the operation.

Operation Mule Hunt 2.0 Gains Momentum

The latest action highlights the growing focus of law enforcement agencies on dismantling mule account networks, which have become a critical component of modern cybercrime operations. Such accounts are frequently used to transfer, disguise, and withdraw funds generated through phishing scams, investment frauds, online impersonation schemes, and other digital crimes.

Officials said further arrests and financial recoveries are possible as the investigation progresses. The operation is expected to provide valuable intelligence on how organized cybercriminal groups exploit banking systems to facilitate large-scale fraud.

The case marks one of the most significant cybercrime crackdowns in Gujarat this year and underscores the increasing efforts by authorities to combat financial crimes in the digital era.