Rs 350 crore cyber fraud network exposed in Mumbai
Mumbai: The Mumbai Crime Branch in Maharashtra has exposed a large network of bank accounts being used for cybercrimes, through which illegal funds worth around Rs 350 crore were transferred.
The investigation has uncovered several bank accounts being used to transfer money obtained through cyber fraud to different accounts and make it appear legitimate. Investigators said cybercriminals first transferred money obtained from fraud victims into these accounts and then moved it through various channels to other accounts.
Such accounts are known in the cybercrime world as “mule accounts”. They are used to conceal and launder money obtained through fraud, online scams and other financial crimes.
The Crime Branch has initiated action against suspects linked to the network and frozen some of the bank accounts.
Investigators are now tracing the source of the suspected Rs 350 crore and identifying the masterminds operating the entire network.
The latest case highlights the growing misuse of bank accounts in cybercrimes in India, with criminals using accounts belonging to ordinary people to move fraudulently obtained money from one account to another. Such practices make it increasingly difficult for law enforcement agencies to trace the actual perpetrators behind cyber fraud networks.
