Rented Bank Account Risks: ₹13.85 Crore Lost, ₹60,000 Earned

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Five individuals were detained in connection with a scheme involving the transfer of a financial account chain that facilitated the movement of ₹13.85 crore in illicit funds through a multi-layered network.

The Scheme and Its Structure

The operation, traced to handlers based in China, utilized Telegram as a communication platform to coordinate activities. The account in question originated with a Delhi-based trader who sold a corporate current account for ₹50,000. This account underwent four subsequent transfers, each involving incremental financial gains for intermediaries, before reaching individuals allegedly operating from China.

The Account’s Journey

The final recipients allegedly directed the account to receive stolen funds and subsequently disappeared, leaving no traceable link. The victim, a Gurugram-based businessman, was targeted through a prolonged investment fraud that spanned multiple months in 2024. He repeatedly transferred funds under the guise of legitimate transactions until the total amount lost reached ₹13.85 crore.

Investigation and Arrests

A formal complaint was filed with the Cybercrime East police station, initiating a formal investigation. Investigators uncovered a structured supply chain involving multiple actors. Neeraj Gupta, a trader, is accused of selling his company’s current account to Manjeet Dadyan for ₹50,000. Manjeet, already under investigation for prior offenses, allegedly resold the account to Neeraj Kumar for ₹60,000.

Intermediaries and Transfers

Kumar reportedly verified the account’s legitimacy, ensuring it was an active current account without a history of fraudulent activity, before passing it to Surjeet Kumar, also known as Manas, through an intermediary named Suraj Saroj for ₹90,000. The account then became accessible to Chinese-based operators who managed its use via Telegram.

Cryptocurrency Laundering

A cryptocurrency-based laundering mechanism was integral to the scheme. Surjeet is alleged to have utilized a U.S.-based application to process transactions, converting stolen funds into digital currency. These assets were then converted into U.S. dollars and subsequently into Indian rupees before being withdrawn through automated teller machines.

Breakthrough and Broader Trends

The case took a critical turn in April 2026, when investigators traced approximately ₹5 lakh of the stolen amount to accounts linked to the network. This discovery, following a prolonged investigation, provided the breakthrough needed to dismantle the operation. The Gurugram incident highlights a broader trend in India’s cybercrime landscape.

Government and Industry Response

As of January 2026, the Home Ministry’s I4C unit had identified and shared details of over 27 lakh so-called Layer-1 mule accounts with financial institutions, preventing transactions exceeding ₹9,500 crore. Additionally, more than 4.5 lakh mule accounts have been frozen nationwide, predominantly within major banks and payment platforms.

Expert Insights and Systemic Challenges

Industry analyses indicate that fraud mechanisms are evolving, with stolen funds increasingly routed through domestic mule accounts rather than overseas channels. This shift correlates with intensified international efforts to dismantle scam operations in regions such as Myanmar, Cambodia, and Laos, which have displaced criminal networks rather than eliminating them.

“The compartmentalized structure of such operations, where distinct roles exist for account acquisition, fund movement, cryptocurrency conversion, and cash extraction, enables high-level operators to remain concealed behind a rotating network of intermediaries willing to monetize bank accounts for minimal compensation,” said Prof. Triveni Singh, a cybercrime expert and former IPS officer.

Conclusion

The case underscores the systemic vulnerabilities in India’s financial infrastructure and the need for enhanced regulatory measures to disrupt such schemes.