The operation has been hailed as a major breakthrough in financial frauds as the illegal transfer of funds from bank accounts of cyber criminals to mule accounts of a large number of criminals has been stopped.
According to police officials, the investigation uncovered a network of mule accounts that were allegedly being used to receive, transfer, and withdraw money obtained through various online scams. These accounts are often opened or operated by people who knowingly or unknowingly allow criminals to use their banking credentials to move illicit funds.
The police launched Operation Cyber Vajra following many complaints about online financial fraud. Officers traced suspicious transactions and found several bank accounts associated with cybercrime syndicates in the course of the investigation, the police said.
There were transactions worth nearly ₹15 crore that passed through the network. Now investigators are looking for the masterminds behind the operation and whether the money was used for phishing schemes, investment frauds, impersonation schemes, or other forms of cyber-enabled financial crime.
The operation was a technical surveillance effort, digital analysis, and coordination with banks and cybercrime units, police said. The investigation also included electronic evidence such as banking records, mobile devices, and digital communication, they added.
The anti-money laundering action is part of law enforcement agencies’ broader strategy to stem the menace of cyber fraud. Cybercrime has also increased in recent years, and mule accounts are used more and more to hide the source of stolen money and transmit money to a variety of accounts before it can be traced.
The public was told not to share bank account information, debit cards, internet banking information, or OTPs with anyone, the investigators wrote. They also advised not to let others use personal bank accounts for financial transactions in exchange for commission or other benefits, because doing so could put bank account holders at risk.
The cybersecurity community has advised people to keep track of their bank statements, receive daily statements of transactions, receive alerts from the bank, and report suspicious transactions immediately to their bank and to the nearest cybercrime police station—and tell them what’s happening. Awareness and prompt reporting are the key to the detection and reporting of online financial fraud.
The investigation into the ₹15 crore network is ongoing, and police have said that further arrests and recoveries will happen as more connections in the alleged cybercrime chain are revealed. Cyber policing and protecting citizens from increasingly sophisticated digital financial crimes have never been more important to authorities than now.
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