Police unearth cyber fraud racket; bankstaffers among 6 held
Delhi Police arrested six individuals, including bank employees, for operating a cyber fraud racket that used mule accounts to launder money. The suspects allegedly used forged KYC documents from daily-wage laborers to open accounts and convert illicit funds into cryptocurrency.
Why it matters
The case exposes vulnerabilities in the banking system and the growing trend of using mule accounts for large-scale financial cybercrime.
Police unearth cyber fraud racket; bankstaffers among 6 held The Delhi Police have busted a cyber fraud network involving 37 suspected mule bank accounts that received ₹7.36 crore in connection with 99 complaints registered across India. Six people, including five bankers, have been arrested, officials said on Friday. The arrested bankers included Shobhit Aggarwal, branch manager of Catholic Syrian Bank (CSB Bank) in Saraswati Vihar, and four members of the bank’s sales team. The branch manager of the Tri Nagar branch, Sushant Kumar, has not yet been apprehended. The sixth accused, Mayank Kapoor, 35, allegedly used forged signatures and KYC documents obtained from unsuspecting daily-wage labourers to facilitate the opening of fraudulent bank accounts. A portion of the proceeds was allegedly converted into cryptocurrency, officials said. The investigation uncovered 17 suspected mule accounts at the Saraswati Vihar branch and 20 at the Tri Nagar branch of CSB Bank.
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