Pune Police Crack Down on Mule-Account Network in ₹1.80 Crore Cyber Fraud Scandal

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Pune’s Wanwadi Police have detained five individuals in connection with a suspected cyber fraud operation involving a network of intermediary bank accounts. The investigation revealed that victims across multiple states were affected, with an estimated ₹1.80 crore in fraudulent transactions traced to the scheme.

Key Details of the Operation

According to authorities, the accused allegedly recruited individuals to open bank accounts under their names, which were then used to launder proceeds from cybercrime activities. The network reportedly operated for approximately 18 months, with participants connected through shared acquaintances.

Suspects and Their Roles

The arrested suspects include Shravan Rajendra Ankush (25), Hariom Hariram Sahu (24), Saad Idphan Shaikh (23), Sahil Raif Shaikh (25), and Talib Noor Mohammad Shaikh (25), all residents of various Pune localities. Police stated that the accused coordinated through mutual contacts, with Ankush reportedly overseeing account management and Sahu responsible for recruiting participants.

Financial Incentives and Operations

Investigators found that account holders received approximately ₹5,000 for providing their banking details, while Sahu allegedly earned ₹3,000 per account arranged. The accounts, opened under different jurisdictions, were reportedly handed over to Ankush for use in transferring illicit funds.

According to authorities, the probe began after repeated appearances of specific bank accounts in cyber fraud complaints. Initial analysis identified transactions totaling ₹6.09 lakh, with subsequent investigations linking 19 victims to the network. The total alleged losses amounted to ₹1,80,15,795.

Investigation and Ongoing Probe

Authorities are examining the flow of funds to determine the origin of each transaction, subsequent transfers, and ultimate beneficiaries. The investigation also aims to clarify the extent of each suspect’s involvement and identify any additional participants.

Asset Scrutiny and Financial Infrastructure

A recovered vehicle is under scrutiny, with investigators assessing its purchase and the source of funds used for related acquisitions. Police are also evaluating whether the network engaged in acquiring assets or luxury items using illicit proceeds.

Mule Accounts and KYC Violations

Mule accounts, which act as intermediaries between victims and fraudsters, were central to the scheme. These accounts relied on compromised Know Your Customer (KYC) documentation and were allegedly managed by third parties. Investigators are working to identify additional account holders, map further layers of the network, and trace the final destination of the funds.

Legal Actions and Next Steps

An FIR has been registered, and the case is under active investigation. The probe continues to focus on dismantling the financial infrastructure of the operation and holding all involved parties accountable.