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

Authorities in Baguiati have launched a detailed investigation into a cyber fraud case in which a local resident was allegedly tricked into surrendering control of his bank account and unknowingly used as a “money mule” in a wider laundering operation involving ₹34.5 lakh.

Police say the victim believed he was applying for a legitimate business loan but was instead drawn into a coordinated scam network that exploited his personal and banking credentials to process illicit transactions.

Fake Loan Offer Used as Entry Point

According to investigators, the fraud began when the complainant approached an online consultancy claiming to offer quick approvals for business loans. The firm allegedly promised a ₹30 lakh loan with minimal documentation and fast processing.

As part of the onboarding process, the victim was asked to submit sensitive documents including identity proofs such as PAN and Aadhaar details, along with signed financial instruments and an upfront deposit.

Officials say the scamsters gradually built trust before escalating the process into a more intrusive verification stage.

Home Visit Leads to Complete Banking Takeover

The case took a critical turn when representatives of the fake consultancy reportedly conducted a “physical verification” at the victim’s residence.

During this visit, the suspects allegedly manipulated the situation to gain access to the victim’s internet banking credentials and linked email accounts. This enabled them to gain full control over his digital financial profile.

Investigators believe this step allowed the network to convert the victim’s account into an active channel for routing stolen funds.

Suspicious Transactions Flagged by Banks

Shortly after the compromise, two large credit transactions—amounting to ₹11 lakh and ₹23.5 lakh—were deposited into the victim’s account from unidentified sources.

When the account holder attempted to withdraw or access the funds, banking systems flagged the activity as suspicious and immediately froze the account.

Officials later confirmed that the incoming money was linked to ongoing cyber fraud cases, indicating that the victim’s account had been used as part of a broader money laundering chain spanning multiple states.

Cybercrime Network Suspected of Multi-State Operation

Preliminary findings suggest the fraud is part of an organized interstate cybercrime network that uses compromised bank accounts to layer and transfer illicit funds, making them harder to trace.

Police are now tracing IP logs, communication records, and transaction trails to identify the individuals behind the consultancy firm and their financial handlers.

Authorities are also working to map other possible victims whose accounts may have been similarly exploited.

Public Advisory on Loan Fraud and Account Misuse

Cybercrime officials have issued a strong warning against dealing with unverified private loan agencies, especially those requesting sensitive banking access or remote verification of financial accounts.

They reiterated that legitimate banks and regulated financial institutions never ask customers to share passwords, grant full account access, or hand over control of email or net banking credentials.

Citizens are urged to report suspicious financial activity immediately via India’s cybercrime helpline 1930 or the national reporting portal to help prevent further misuse of banking systems.