Money Mule Trap: Man Seeking Business Loan Defrauded Of Lakhs Banking Scam

Authorities in Baguiati have launched a detailed investigation after a local resident was allegedly duped into surrendering control of his bank account, which was then used by a cybercrime network to route and launder ₹34.5 lakh through multiple illegal transactions.

Police said the victim believed he was applying for a legitimate business loan but was instead manipulated into becoming an unwitting participant in a money laundering operation.

Fake Loan Consultancy Used to Gain Trust

According to investigators, the fraud began when the complainant contacted an online consultancy claiming to offer quick approvals for business loans up to ₹30 lakh.

The operators allegedly demanded sensitive personal documents, including identity proofs and financial records, along with an upfront processing deposit. Over time, they built credibility and convinced the victim to continue the loan application process.

Officials said the suspects later escalated the scam by arranging a so-called “physical verification” at the victim’s residence, where they allegedly gained access to his internet banking credentials and linked email accounts.

Banking Access Misused for Illicit Transactions

Once full access was obtained, the cyber network allegedly began routing illegal funds through the victim’s account to disguise the origin of stolen money.

Investigators reported that two major transactions—₹11 lakh and ₹23.5 lakh—were credited into the account from unknown sources, suggesting its use as a transit point in a broader financial fraud chain.

Authorities believe the account was deliberately used as a “money mule” node to layer transactions and obscure the trail of illicit funds across multiple accounts.

Bank Flags Suspicious Activity and Freezes Account

The fraud came to light when the victim attempted to withdraw the transferred funds. Banking officials immediately flagged the unusual activity and froze the account under cybercrime-related security protocols.

Subsequent verification revealed that the incoming funds were linked to separate cyber fraud cases, indicating the victim’s account had been integrated into a wider interstate laundering network.

Cybercrime Investigation Expands Across States

Baguiati Police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. Cyber forensic teams are currently tracing IP addresses, device logs, and communication records linked to the accused consultancy operators.

Authorities are also working to identify additional bank accounts and intermediaries involved in the suspected pan-India money mule network.

Public Advisory on Fake Loan Offers

Police have issued a strong warning to citizens against engaging with unverified loan agencies operating online. Officials stressed that legitimate financial institutions never request access to internet banking credentials, passwords, or email accounts for verification purposes.

Residents have been advised to verify lenders through authorised banking channels and report suspicious financial activity immediately to the national cybercrime helpline 1930.

Early reporting, officials noted, is critical to improving the chances of fund recovery and preventing further misuse of compromised accounts.