Two are Arrested After Delhi Police Expose an Accounts For Hire Racket

Two are Arrested After Delhi Police Expose an Accounts For Hire Racket

New Delhi:  The Delhi Police have apprehended a group of cyber criminals who utilized rented bank accounts to launder their ill-gotten funds. The syndicate, managed by two recent university graduates, obtained a substantial 10% fee for every illegal contribution, employing intricate transactions to conceal their acts.

cyber crime online

The event was revealed after a woman became a victim of internet fraud, resulting in a loss of ₹42,000. During the investigation into the stolen money, authorities identified an unusual trend – the monies were first directed into a mobile wallet application and subsequently moved to a bank account located in Bulandshahr, Uttar Pradesh.

cyber fraud

Subsequent examination unveiled a rapid succession of dubious transactions within a brief period, suggesting the involvement of a more extensive network. Through vigilant monitoring and thorough inquiry, the police narrowed down their probe to Mukul Sharma, the individual who held the account, and his associate, Lalit Kumar.

cyber awareness

The investigation led them to a digital wallet known as the “Khata Book App,” where the stolen cash was initially placed. Continuing to trace the flow of funds, they arrived in Bulandshahr, Uttar Pradesh, where they discovered a dubious bank account that stood out due to its numerous atypical activities. This discovery proved important in solving the crime.

Upon examining the account information, the police successfully identified Mukul Sharma, a 23-year-old individual who holds a Bachelor of Commerce degree from Bulandshahr, as the owner of the account. Mukul’s narrative vividly portrays a scene of profound despair and misguided avarice. In his pursuit of employment, he coincidentally encountered Lalit Kumar, a local resident of his town who was involved in a cybercrime syndicate based in Bihar. Enticed by a 10% commission, Mukul willingly agreed to register an account and split it with Kumar.

fraud online

Mukul’s account received more than ₹50 lakh within a brief period, resulting in a 5% commission for him, while Lalit kept the remaining 5%. However, Mukul was not simply a passive participant. He admitted to aiding in the movement of illicit funds into several accounts, once again in exchange for a 10% fee. The network of accounts, established by the scammers from Bihar, functioned as a complex system for concealing and transferring stolen funds.

The arrest of Lalit Kumar, after Mukul’s interrogation, resulted in the exposure of the entire operation. He divulged information about supplementary bank accounts employed for money laundering and uncovered his associations with the criminals situated in Bihar. Armed with this intelligence, the Delhi Police are now actively pursuing additional individuals involved in the syndicate, resolute in their mission to demolish the entire network of cybercrime.

digital crime

Accounts-for-Hire Racket: A Dirty Money Laundry Service

Rent Bank Accounts Cybercriminals would lease bank accounts from victims, who were typically in a financially precarious situation, in exchange for a portion of the stolen money.
Digital Trail Confusion Funds were channeled through digital wallets and a sophisticated network of leased accounts to obscure their source.
Advanced Technology & Basic Technology The operation utilized advanced technologies, such as online wallets, as well as conventional tactics, such as fake paperwork.
Lucrative Collaboration Both the perpetrators and the financial institutions benefited, with the latter receiving a portion of the embezzled monies.

About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.

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