Mumbai Police Arrest 7 in Mule Account Racket, Seize ₹10 Lakh

Mumbai Police, with the help of the Cyber Crime Branch, has busted a racket that allegedly opened fake mule accounts and withdrew money siphoned off through online frauds within 15 minutes of the transactions.

The racket was busted after police arrested seven individuals in connection with the fraud. The accused were caught withdrawing ₹10 lakh from an Indian Overseas Bank branch in Borivali.

According to investigators, the syndicate formed a key link in organised cyber fraud networks by converting stolen digital money into cash. The fraud proceeds were first transferred into mule bank accounts, following which gang members allegedly rushed to bank branches to withdraw the money before victims could report the fraud.

The mule accounts were allegedly opened using four shell companies, which were used to open current accounts that received the fraud proceeds. The probe led to the arrests after analysing complaints filed on the National Cyber Crime Reporting Portal.

During the investigation, officials found that stolen money from victims across the country was repeatedly routed through current accounts at Indian Overseas Bank branches in Dadar, Mahim, Borivali, and Mira Road-Bhayander. Once the funds were credited, syndicate members allegedly used signed cheques and other banking instruments to withdraw the cash before banks could freeze the accounts.

The police laid a trap at the Indian Overseas Bank branch in Borivali on July 29 and intercepted three accused immediately after they allegedly withdrew ₹10 lakh in cash. The arrested accused were identified as Salman Habib Pathan, Sajid Nisar Ahmed Kothawala, and Chirag Ketan Toprani.

Based on information gathered during interrogation, police later conducted searches in Mira Road and Bhayander and arrested four more alleged associates. The accused were identified as Syed Wajahat Wahiuddin, Rakesh Ramashankar Mishra, Rakshit K. Rajendra Hegde, and Aryan Ritesh Thakkar.

Following the arrests, police also seized ₹10 lakh in cash, over 30 rubber stamps, a currency-counting machine, digital tablets allegedly used to open bank accounts, cheque books, smartphones, and activated SIM cards. An FIR has been registered under charges of cheating, forgery, and criminal conspiracy.

The busting of the racket is a significant achievement for the Mumbai Police, as it will help to prevent similar cyber frauds in the future. The police are continuing their investigation into the matter to uncover more details about the syndicate and its operations.

The incident highlights the need for people to be cautious when conducting online transactions and to report any suspicious activity to the authorities immediately. The Mumbai Police have urged citizens to be vigilant and to use the National Cyber Crime Reporting Portal or the 1930 cyber helpline to report any cyber fraud.

The arrests and seizures made by the Mumbai Police are a testament to their efforts to combat cyber crime and protect the citizens of Mumbai. The police are committed to ensuring that those involved in such illegal activities are brought to justice and that the city remains a safe place for everyone.

In conclusion, the busting of the mule account racket is a significant achievement for the Mumbai Police, and it will help to prevent similar cyber frauds in the future. The police will continue to investigate and take action against those involved in such illegal activities, and citizens are urged to be cautious and report any suspicious activity to the authorities immediately.

The incident has also highlighted the importance of coordination between different agencies and the need for a proactive approach to combat cyber crime. The Mumbai Police will continue to work with other agencies to ensure that cyber crime is prevented and those involved are brought to justice.

The city of Mumbai is a hub for financial transactions, and it is essential that the police and other agencies take proactive measures to prevent cyber crime. The busting of the mule account racket is a step in the right direction, and it will help to build trust among the citizens and ensure that the city remains a safe place for everyone.

The Mumbai Police have advised citizens to be cautious when conducting online transactions and to report any suspicious activity to the authorities immediately. The police have also urged citizens to use the National Cyber Crime Reporting Portal or the 1930 cyber helpline to report any cyber fraud.

In the end, the busting of the mule account racket is a significant achievement for the Mumbai Police, and it will help to prevent similar cyber frauds in the future. The police will continue to investigate and take action against those involved in such illegal activities, and citizens are urged to be cautious and report any suspicious activity to the authorities immediately.