Bengaluru Cyber Police Freeze 507 Bank Accounts and Arrest 3 in ₹93.58 Lakh Trading Scam

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Bengaluru Cyber Police Freeze 507 Bank Accounts and Arrest Three in ₹93.58 Lakh Trading Scam

Bengaluru Cyber Police Freeze 507 Bank Accounts and Arrest Three in ₹93.58 Lakh Trading Scam A cybercrime investigation into an online trading and investment fraud involving ₹93.58 lakh has resulted in the detention of three individuals and the identification of a large-scale mule account network. Authorities found that the suspects allegedly obtained and provided access to 507 bank accounts for cybercriminals to receive and divert illicit funds. All 507 accounts have been frozen as part of the ongoing inquiry. The case originated from a formal complaint submitted to the cyber police. Investigators obtained court approval to examine six mobile devices seized from the suspects. Digital forensic analysis uncovered extensive communication via Telegram, along with databases of bank accounts and technical evidence detailing how the accounts were sourced and monetized for financial fraud. The syndicate operated by acquiring current, corporate, and individual savings accounts from various individuals in exchange for commissions. The accused also took possession of the associated internet banking credentials. To circumvent verification processes, the suspects deployed specialized Android Package files, including ZNPAY and SMS-forwarding applications, on devices located at these sites. These tools automatically redirected bank alerts and one-time passwords to remote fraudsters, enabling them to control the accounts and transfer stolen funds without immediate detection. A preliminary review of transaction records in this case revealed that approximately ₹13 lakh of the stolen funds moved through an account at a nationalized bank, while over ₹38 lakh was routed via a current account held by a private bank. A forensic examination of the seized mobile devices uncovered records linked to 507 unique bank accounts. Law enforcement suspects that access to these accounts was systematically sold or leased to multiple fraud networks operating across state boundaries. The six seized phones, along with the ZNPAY application, the SMS-forwarding tool, and 51 other suspicious APK files, have been forwarded to the Indian Cybercrime Coordination Centre for advanced technical analysis. Experts are working to determine the total volume of funds processed through these files and assess how many additional accounts were compromised via the automated redirection system. Digital chat analysis revealed connections to multiple fugitive operators coordinating activities through encrypted messaging platforms. Initial geolocation data and IP address tracking indicated network activity in Kolkata, Hong Kong, and California, United States. Investigators are currently cross-referencing these technical details with telecommunications and internet service provider records. Detectives are reviewing Know Your Customer documentation, bank statements, fund transfer pathways, and prior complaint histories linked to the 507 accounts. Technical analysts are also examining SIM card registrations, intermediary handlers, and server access logs. Ongoing efforts aim to identify the individuals behind anonymous Telegram handles directing the scheme. The investigation focuses on establishing the operational hierarchy of the arrested individuals, tracing the ultimate beneficiaries of the stolen funds, and assessing the broader financial impact of the frozen accounts.