Mumbai Police Expose 350 Crore Fraud Linked to Mule Account Network
Mumbai Police Crime Branch has dismantled a cyber fraud network and detained three individuals accused of facilitating the transfer of illicit funds through mule bank accounts and SIM cards.
Intermediary Role in Mule Account and SIM Distribution
The arrested individuals operated within a hierarchical structure, acting as both purchasers and distributors of financial instruments. They allegedly sourced bank accounts and SIM cards from third parties by offering cash incentives, then utilized these resources or forwarded them to higher-level syndicate members.
The arrested individuals operated within a hierarchical structure
In addition to acquiring external accounts, the suspects and their associates reportedly opened bank accounts under their own names or fabricated identities. They retained physical control of all related materials, including passbooks, ATM cards, cheque books, and other banking documents.
In addition to acquiring external accounts
They appeared before the Esplanade court, which ordered their detention until September 19. A formal case has been registered against them.
Significant Seizure of Banking Credentials and Digital Assets
During a raid, law enforcement recovered 88 bank passbooks, 143 cheque books, 100 ATM cards, 167 SIM cards, 24 mobile phones, two laptops, and multiple banking records. Forensic teams and financial analysts are examining the seized items to trace account activity and link them to ongoing cyber fraud investigations.
Broadening Probe into Wider Money Laundering Channels
The discovery of Rs 24 crore funneled through 10 accounts has prompted authorities to expand their financial forensic analysis. Investigators are reviewing digital devices and transaction records to identify additional accounts, verify affected parties, and assess the full scale of the suspected Rs 350 crore network.
Mumbai Police continue to investigate the extent of the operation
The case highlights the growing complexity of cyber-enabled financial crimes and the need for enhanced monitoring of mule account networks.
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