Cyber Fraud Syndicate Busted: Five Arrested in Major Banking Scam

Five individuals were arrested for allegedly supplying mule bank accounts to a Dubai-linked cyber fraud syndicate. They defrauded a man of over Rs 12 lakh by promising stock market returns. Police uncovered the operation in Maharashtra, revealing a network involved in routing and withdrawing illicit funds.

Police have arrested five individuals suspected of providing mule bank accounts to cybercriminal networks with connections to Dubai, authorities announced on Saturday.

The arrests followed an investigation into a case where more than Rs 12 lakh was fraudulently extracted from a man under the guise of stock market investments.

Suspects Shridhar Dilip Ingle, Archiryan Goraksh Kamble, Ajij Miran Shaikh, Pranav Jalinder Guldagad, and Vishal Durgadas Bachal were taken into custody. The network allegedly participated in procuring and distributing bank accounts for use in large-scale fraud operations.

(With inputs from agencies.)