Cyber Fraud Crackdown: Punjab Police Dismantles Mule Account Racket

Punjab Police's Cyber Wing dismantles an interstate mule account racket, arresting four suspects and seizing cash and devices. This operation unveiled the fraudulent use of mule accounts to channel funds abroad via cryptocurrency. The probe continues to trace masterminds and potential bank involvement in the crime.

In a significant operation to combat cyber-enabled financial crime, the Punjab Police's State Cyber Crime Wing has successfully dismantled an interstate mule account racket. This operation deceived thousands nationwide, costing them crores of rupees. Police apprehended four suspects and seized Rs 10.96 lakh in cash, alongside a trove of electronic devices and banking materials.

Director General of Police Punjab, Gaurav Yadav, disclosed that the accused managed hundreds of mule accounts to illegally transfer funds abroad through cryptocurrency platforms. These accounts, predominantly sourced from economically disadvantaged individuals, were manipulated to obscure financial proceeds, later funneled through exchanges like Binance and DCX. The detained individuals include Gautam (23), Ehsas (24), Akash (20) from Amritsar, and Anmol (21) from Fazilka, each playing distinct roles in the racket.

Special DGP Cyber Crime V Neeraja elaborated on the investigation, which was sparked by a data analysis from the Indian Cyber Crime Coordination Centre. The analysis highlighted over 6,000 mule accounts involved in fraudulent transfers. Initial probing led to the registration of an FIR against 300 accounts linked to Punjab Gramin Bank and traced 100 to Abohar. The accused were reportedly part of numerous cyber fraud groups on Telegram, with their leaders potentially operating from South-East Asia, further developing the mule account system. The investigation is ongoing, targeting the racket's masterminds and examining possible bank officials' collusion. Citizens are urged to safeguard their banking information and report any suspicious attempts to police promptly via Helpline 1930 for fraud prevention.

(With inputs from agencies.)