Chandigarh Cyber Frauds: 9 Arrested in ₹78 Crore Bank Account Scam

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Massive Cybercrime Operation Dismantled in Chandigarh

A massive cybercrime operation has been dismantled in Chandigarh, India, with the arrest of nine individuals accused of orchestrating a sprawling online fraud scheme that netted approximately ₹78 crore from victims across multiple states.

Modus Operandi of the Crime Syndicate

According to investigators, the suspects created and controlled a network of 31 bank accounts, including savings and current accounts held in different names, to receive and launder the proceeds of their crimes.

“The accounts were allegedly used to facilitate a range of digital scams, including fake job offer portals, fraudulent loan and investment apps, identity impersonation schemes, and social engineering tactics designed to trick victims into authorizing payments.”

The suspects allegedly used forged documents and fake Know Your Customer (KYC) information to open the bank accounts, which were then used to quickly move funds and evade detection.

Arrests and Investigation

The arrests were made after police received nearly 200 complaints related to cyber frauds, which were linked to the coordinated syndicate.

Investigators have seized several mobile phones, SIM cards, bank passbooks, transaction records, and other digital evidence during raids.

Extent of the Fraud

The crime syndicate is believed to have operated not only in Punjab and Chandigarh but also had victims from several other states, highlighting the interconnected and borderless nature of cybercrime in India’s digital economy.

While investigators have traced and frozen a number of accounts linked to the ₹78 crore fraud, police warn that the total quantum of fraud may be higher, as some complaints are still under verification and analysis.

Profile of the Arrested Individuals

The nine arrested individuals have been described as habitual cyber fraudsters, with most having been associated with other cybercrime investigations in the past.

Police allege that several had exploited lapses in banking KYC procedures to open accounts used explicitly for crime proceeds.

Investigation and Cooperation

Law enforcement sources said the syndicate likely leveraged multiple communication platforms, encrypted messaging services, and Voice over Internet Protocol (VOIP) calls to evade detection.

Police have initiated coordinated liaison with other states’ cybercrime units, sharing data and complaint patterns to strengthen the ongoing probe and identify additional suspects.

Warning and Advice

The Chandigarh Police emphasized that cyber frauds have become increasingly sophisticated, with fraudsters exploiting technological loopholes and financial system vulnerabilities.

Officers reiterated the need for heightened vigilance by citizens, especially while sharing personal details online or engaging with unfamiliar digital services.

Authorities urged victims to immediately report any suspicious activity and provide digital evidence to aid quicker tracing and recovery.

Expert Opinion

Cybercrime experts say that rapid fund movement through layered accounts and mule banking networks is a hallmark of organized cyber fraud.

Strengthening of KYC norms, enhanced real-time transaction monitoring, and cross-agency cooperation are seen as key elements in combating such fraud rings.