Chandigarh (Punjab) [India], August 21 : In a major crackdown on cyber-enabled financial crime, the Punjab Police's State Cyber Crime Wing has busted an inter-state mule account racket that duped thousands of victims across the country of crores of rupees.
Four accused have been arrested and Rs 10.96 lakh in cash seized from their possession, along with nine mobile phones, one laptop, 32 debit cards, 10 SIM cards, 15 bank passbooks and a cheque book, Punjab police said in a press release.
Director General of Police (DGP) Punjab Gaurav Yadav said the accused were running hundreds of mule accounts to channel fraudulent funds abroad through cryptocurrency platforms. "These bank accounts, often obtained from economically weaker sections for small sums of money, were being used to layer and transfer proceeds of cybercrime, which were then routed abroad through cryptocurrency exchanges such as Binance and DCX," he said.
The arrested accused have been identified as Gautam (23), Ehsas (24), and Akash (20), all residents of Amritsar, and Anmol (21) from Fazilka. According to police, Anmol was a full-time mule account operator, Gautam was unemployed, Ehsas was running a hotel on contract in Amritsar, and Akash had briefly worked in a company before joining the racket.
Special DGP Cyber Crime V Neeraja said the investigation began after the Indian Cyber Crime Coordination Centre (I4C), under the Ministry of Home Affairs, shared data analysis of more than 6,000 mule accounts used in cyber fraud bank transfers. Based on hotspot analysis, Punjab Cyber Crime Police registered an FIR against 300 mule accounts linked to Punjab Gramin Bank, eventually tracing 100 such accounts to Abohar.
She said the probe revealed that the accused were part of multiple Telegram-based cyber fraud groups, whose administrators are suspected to be operating from South-East Asia. The kingpins trained the local operators in converting illicit Indian currency into cryptocurrency. Anmol from Abohar was identified as the key supplier, sending mule kits through courier to his associates in Amritsar. The operatives activated internet banking facilities on these accounts and facilitated fund transfers for a commission ranging from 10 to 20 per cent.
All four accused are on police remand, and further investigations are underway to trace the masterminds in India and abroad. The police are also examining the possible involvement of bank officials in facilitating the racket.
Advising citizens to remain vigilant, Punjab Police urged people not to provide their bank accounts or SIM cards to anyone in exchange for money or job offers, as such details are often misused in cyber frauds. Officials advised that such attempts should be reported immediately at the nearest District Cyber Crime Police Station. Victims of cyber fraud have also been asked to call Helpline 1930 without delay, as timely reporting can help prevent fraudulent transactions and protect their money.