Haryana Police on Friday said that the cyber unit has busted a large-scale financial crime involving mule accounts and shell companies in Panipat district.
A police spokesperson said that a recent probe revealed that two fake companies were used to carry out suspicious transactions worth crores of rupees. The police action exposed this scam and disrupted the organised network of cybercriminals behind it.
The investigation uncovered that the company “True Artificial Jewellers Private Limited” was entirely bogus. It had opened an account in Bank of India’s Panipat branch and within seven months carried out transactions worth ₹51.82 crore.
“Shockingly, ₹51.79 crore had already been withdrawn, leaving only ₹3.13 lakh in the account. The company’s address and board of directors were also found to be fake, with no real business existing at the site. Clearly, the firm was created solely as a medium for fraud and laundering illicit funds,” the spokesperson said.
In the account of another company, “Indo Career Agency,” transactions worth ₹32.92 lakh were recorded between 24 December 2024 and 27 August 2025. Of this, ₹31.70 lakh had already been withdrawn, leaving only ₹1.21 lakh behind. Its address also turned out to be fake, with no actual business found at the location, the spokesperson said.
“During the probe, names of four suspects Pramod Kumar, Dharmender Kumar, Nishant, and Sunny Kumar emerged. Police believe these accounts and companies are part of a carefully planned criminal conspiracy designed to immediately siphon-off fraudulent money and escape the law,” police spokesperson said.
{{/usCountry}}“During the probe, names of four suspects Pramod Kumar, Dharmender Kumar, Nishant, and Sunny Kumar emerged. Police believe these accounts and companies are part of a carefully planned criminal conspiracy designed to immediately siphon-off fraudulent money and escape the law,” police spokesperson said.
{{/usCountry}}Haryana Police has identified 91 bank branches across the state suspected of operating mule accounts used for large-scale fraudulent transactions. Four such branches have been found in Panipat district alone. Police have marked these branches and initiated stepwise verification, inspection and legal action.
The spokesperson said that the cybercrime teams are examining records of these 91 branches to determine whether negligence or collusion by bank employees benefited the fraudsters.
Continuing this operation, police conducted raids on Friday in suspicious branches of Karnal and Yamunanagar districts, where bank records were scrutinised and several accounts are now under detailed investigation.