Mumbai: Mumbai Police, with the help of the Cyber Crime Branch, has busted a racket that allegedly opened fake mule accounts and withdrew money siphoned off through online frauds within 15 minutes of the transactions, leaving victims and investigators with little time to freeze the funds.
Seven arrested in cyber fraud racket
According to Mumbai Mirror, police have arrested seven individuals in connection with the fraud. The report stated that officers first caught three of the accused allegedly withdrawing Rs 10 lakh from an Indian Overseas Bank branch in Borivali.
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Investigators said the syndicate formed a key link in organised cyber fraud networks by converting stolen digital money into cash. According to police, fraud proceeds were first transferred into mule bank accounts, following which gang members allegedly rushed to bank branches to withdraw the money before victims could report the fraud through the National Cyber Crime Reporting Portal or the 1930 cyber helpline.
During the investigation, officials found that the mule accounts were allegedly opened using four shell companies. These companies were allegedly used to open current accounts that received the fraud proceeds.
Probe leads to arrests
Police uncovered the racket after analysing complaints filed on the National Cyber Crime Reporting Portal. During the probe, cyber police found that stolen money from victims across the country was repeatedly routed through current accounts at Indian Overseas Bank branches in Dadar, Mahim, Borivali and Mira Road-Bhayander.
Once the funds were credited, syndicate members allegedly used signed cheques and other banking instruments to withdraw the cash before banks could freeze the accounts.
Kirti Kulhari Loses ₹2.43 Lakh In Cyber Fraud, FIR Registered By Mumbai Police Against Unknown AccusedHowever, following this pattern, Mumbai Police later laid a trap at the Indian Overseas Bank branch in Borivali on July 29. At around 3:30 pm, officers intercepted three accused immediately after they allegedly withdrew Rs 10 lakh in cash. The arrested accused were identified as Salman Habib Pathan (34), Sajid Nisar Ahmed Kothawala (45) and Chirag Ketan Toprani (31).
Based on information gathered during interrogation, police later conducted searches in Mira Road and Bhayander and arrested four more alleged associates, identified as Syed Wajahat Wahiuddin, Rakesh Ramashankar Mishra, Rakshit K. Rajendra Hegde and Aryan Ritesh Thakkar.
Cash and equipment seized
Following the arrests, police also seized Rs 10 lakh in cash, over 30 rubber stamps, a currency-counting machine, digital tablets allegedly used to open bank accounts, cheque books, smartphones and activated SIM cards. An FIR has been registered under charges of cheating, forgery and criminal conspiracy. Further investigation into the matter is underway.
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