Mumbai CEO Impersonation Scam: 2 Arrested in 48 Lakh Fraud Case

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Mumbai Cybercrime Police have detained two individuals from Bihar and Jharkhand in connection with a fraudulent scheme involving the unauthorized transfer of ₹48.60 lakh from a pipe manufacturing company.

Investigation Details

The suspects allegedly assumed the identity of the firm’s executive through digital communication channels, compelling an accounting staff member to execute an urgent financial transaction. The investigation has also linked the accused to multiple similar incidents across India, with at least seven additional cases under scrutiny.

Fraudulent Fund Routing

The fraudulent funds were reportedly routed through a mule bank account in Kolkata. Authorities traced the mobile number used by the impersonator, leading to the identification of the SIM card involved. This discovery prompted further inquiry into the suspects’ activities.

SIM Card Activities

The investigation revealed that the SIM card was obtained using compromised personal documents, including e-KYC details, from a soldier in Bihar. The accused allegedly collected these materials for verification purposes before claiming technical issues prevented activation. Subsequently, the SIM was allegedly transferred to an associate, who utilized it in the scam targeting the accounting department.

Suspects and Transactions

The primary suspect, identified as Khan, is accused of illegally generating and distributing SIM cards using stolen data from multiple Bihar residents. Eight such devices were reportedly sold to another individual, Suraj Kumar Pradeep Kumar Saw, also known as Vishal, for ₹6,000 via UPI transactions.

Previous Arrests and Seizures

Law enforcement has established connections between the current suspects and a previously arrested group involved in similar CEO impersonation schemes. The earlier arrests, conducted on July 25, 2026, pertained to cases involving total fraud of ₹10.40 crore, with ₹6 crore recovered to date. During the investigation, police seized 161 SIM cards, a megaphone, and a POCO mobile phone containing the Airtel Mitra application, which facilitates SIM activation.

Legal Charges and Recovery

The full amount of ₹48.60 lakh has been frozen pending further inquiry. The accused face charges under Sections 338(3) and 319(2) of the Bharatiya Nyaya Sanhita, along with Sections 66(C) and 66(D) of the Information Technology Act.

Expert Advice and Warnings

Cybercrime specialists emphasize that such scams typically exploit urgency and lack of verification to manipulate employees into initiating unauthorized transfers. Experts advise organizations to implement rigorous protocols for validating financial instructions, particularly those received through digital platforms. Regulatory bodies have also issued warnings against processing monetary requests based solely on communications from social media or email channels.

Conclusion

The case highlights the growing sophistication of cyber-enabled financial fraud and the importance of multi-layered verification mechanisms in corporate environments.

Cybercrime specialists emphasize that such scams typically exploit urgency and lack of verification to manipulate employees into initiating unauthorized transfers.