₹80 Crore Mule Account Cyber Fraud Busted: Punjab Police Nab 2, Global Network Uncovered

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Cyber Fraud Ring Busted, Two Arrested

An international cyber fraud ring estimated to have netted over Rs 80 crore has been busted by investigators in Uttar Pradesh, leading to the arrest of two individuals from Punjab.

The Case Unfolds

The case involves a complex web of bank accounts and digital evidence pointing to an organized network operating across India and beyond.

According to officials, the money trail began when victims were lured into investing in fake trading schemes via Telegram, with promises of doubling or tripling their returns.

The scammers would then transfer the funds through multiple bank accounts, eventually reaching a single account in New Delhi controlled by two alleged masterminds, Karan Kasera and Gulshan Kumar.

The Investigation

The investigation, which was initiated after 656 complaints were lodged on the National Consumer Helpline (NCH), revealed that the scamsters had managed to siphon off around Rs 26 crore through their scheme.

The authorities, however, have now managed to track down the culprits, who were arrested over the weekend.

The Money Trail

Investigations have shown that the suspects had created a sophisticated system to launder the stolen funds, using a combination of bank accounts, cheques, and ATMs to convert the ill-gotten gains into cash.

Furthermore, officials suspect that bank employees may have played a role in facilitating these transactions, and notices have been issued to the Income Tax Department to examine their involvement.

The Way Forward

As the probe continues, investigators are working to identify additional individuals involved in the scam and to analyze digital evidence seized from the suspects’ devices.

The case highlights the need for vigilance and awareness among citizens to prevent such cybercrimes, and the importance of cooperation between law enforcement agencies to combat transnational crime.