₹9.88 Crore Cyber Fraud Case: Police Disrupt Network of 1,000 Bank Accounts

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Police have arrested six individuals, including a Mumbai-based legal professional, in a ₹9.88 crore cyber fraud case involving over 1,000 bank accounts.

Key Details of the Fraud Case

The scheme allegedly involved unauthorized transfers through RTGS transactions from a mill owner’s account in Wadhoda, Nagpur, between July 4 and July 6. Investigators determined that the perpetrators exploited SIM swapping techniques to seize control of the victim’s mobile number, enabling interception of banking alerts and one-time passwords.

Fraud Mechanism

Despite the victim not sharing an OTP or engaging with suspicious links, the fraud was executed through a network of shell companies, fintech payment platforms, and multiple bank accounts. Funds were reportedly withdrawn in cash or funneled via informal hawala channels.

Involved Individuals

The accused include Mukesh Mishra, a 41-year-old Mumbai lawyer specializing in cybercrime cases, who is alleged to have provided technical consultancy to the network. Other arrested individuals are Hanuman Kumar Ram, Ravikumar Yadav, Azim Rafique Mithani, Rakesh Singh, and Ankur Goswami, with ages ranging from 24 to 44.

Investigation and Arrests

Law enforcement traced suspects across Maharashtra, Uttar Pradesh, Jharkhand, and Delhi by analyzing transaction records and banking data. Authorities recovered ₹4.21 crore from the fraudulent activity, with ongoing efforts to locate the remaining funds. The investigation is examining whether proceeds were used to purchase gold in Mumbai and Uttar Pradesh.

Recovery and Ongoing Efforts

Police are also reviewing digital records, bank accounts, and virtual wallets to map fund movements and identify additional participants. One suspect is linked to a prior ₹3,400 crore fraud case involving an Indore-based company. Investigators are probing potential connections to other victims and collaborating with the Enforcement Directorate.

Implications and Future Steps

Additional arrests are anticipated as the probe expands. The case underscores the complexity of financial fraud involving SIM swapping, shell entities, and cross-jurisdictional banking networks. While recovering a significant portion of the stolen funds marks progress, tracing the full extent of the network and its wider operations remains a priority.

Conclusion

The arrest of six individuals in this high-stakes cyber fraud case highlights the evolving tactics of financial criminals and the need for robust cybersecurity measures. Authorities continue to work diligently to recover lost funds and dismantle the network behind this scheme.