Bengaluru Police Uncover ₹93.58 Lakh Online Trading Fraud Scam, Arrest Three Suspects
Bengaluru police have detained three individuals in connection with a ₹93.58 lakh online trading fraud scheme, uncovering over 507 suspected mule bank accounts linked to cybercrime activities.
Bengaluru Police Arrest Three in ₹93.58 Lakh Online Trading Fraud
Bengaluru police have detained three individuals in connection with a ₹93.58 lakh online trading fraud scheme, uncovering over 507 suspected mule bank accounts linked to cybercrime activities. The investigation revealed extensive use of financial and digital infrastructure to facilitate illicit transactions.
Investigation into the Fraud Scheme’s Origins
The case emerged following a report from a Bengaluru resident, Harish, who alleged he was deceived through a fraudulent online trading platform. According to authorities, the victim was recruited into a group that encouraged him to open a demat account for trading. The group allegedly directed him to make incremental deposits into multiple bank accounts.
Police identified the arrested suspects as Amit Mishra from Jharkhand, Tausif Ahmed from JC Nagar in Bengaluru, and Parashuram Sadanand from Jeevan Bimanagar. Mobile devices linked to the operation were seized during the investigation.
Use of Bank Accounts and Digital Tools
Investigators disclosed that the accused obtained bank account details and SIM cards by offering financial incentives. These accounts, belonging to individuals, corporate entities, and trusts, were reportedly utilized in cybercrime operations. In some instances, account holders were accommodated in hotels where malicious applications were installed on their devices. These apps allegedly intercepted one-time passwords and SMS alerts related to banking activities.
Examination of seized devices revealed more than 507 suspected mule bank accounts. These accounts were linked to cybercrime cases across multiple states, including Karnataka, Maharashtra, and New Delhi.
Scrutiny of Additional Financial Transactions
Authorities are also examining a separate transaction involving an individual named Srinivas. The accused allegedly promised a donation to his charitable trust and lured him to Lucknow. Investigators found that ₹5 lakh from the ongoing case was deposited into an account before the remaining funds were redirected to other accounts. This activity is under review to trace the movement of illicit funds through the network.
The involvement of hundreds of accounts has expanded the investigation beyond the initial trading fraud complaint, highlighting the scale of the alleged money laundering operation.
Wider Network and International Links
The accused reportedly used a Dubai-based application for communication and cryptocurrency wallets to transfer illicit funds. Analysis of internet protocol data and location records indicated connections to a network operating in Kolkata, Hong Kong, and California. The primary accused, identified as Anoop alias Zulfi, remains at large along with individuals managing Telegram accounts.
Ongoing efforts are underway to locate these individuals. The arrests are part of a broader inquiry into the ₹93.58 lakh fraud case and an alleged interstate cybercrime network. Authorities are investigating the use of bank accounts, SIM cards, and digital channels to facilitate financial crimes.
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