Cops busts Rs 70 crore bank fraud syndicate

Delhi Police uncovered an alleged nationwide mule account syndicate following an investigation into a smaller online job scam. According to reports, the syndicate routed over Rs 70 crore through 248 corporate bank accounts linked to cyber frauds across 19 states as well as overseas networks in Dubai and the United Kingdom.

Investigators stated that the case began after a resident from Baljeet Nagar filed a complaint about losing Rs 10,000 to a fake work-from-home freelancing offer on social media. Tracing the money trail led police to a current account in the name of a shell entity, uncovering a wider network that allegedly created shell firms, opened corporate current accounts, and supplied bank account kits to fraudsters.

Authorities arrested a total of 10 people, which included three women and five bank officials or associates from two different banks who allegedly bypassed KYC norms to open the fraudulent accounts. During raids, police seized numerous items including bank account kits, SIM cards, mobile phones, fake company stamps, debit and credit cards, cash, and a car.

Police reported that the recovered accounts were tied to 156 complaints on the National Cyber Crime Reporting Portal across 19 states and Union Territories, involving more than Rs 20 crore in cheated funds. Authorities have frozen Rs 56 lakh so far, while the alleged India-based kingpin and a UAE-based mastermind remain at large with Look Out Circulars issued against them.

Not yet reported: The exact dates of the offenses and the specific legal charges or sections cited against the accused were not reported.