Cyber frauds used 36,656 mule bank accounts to transfer ₹10.98 Cr looted from city bizman

According to the police, who registered an FIR on January 20, the businessman got a call from an unknown person who identified himself as Mohan Sharma, and informed him that he could earn high profits by investing in the stock market through their firm. Sharma asked the complainant to join a WhatsApp group called Trader Titan VIP group, where “tips” were shared for making higher profits on investments. Members of the group also shared details of the profits they had made

MUMBAI: The South Cyber Police, in their investigation of a recent ₹10.98-crore share-trading cyber fraud perpetrated on a 68-year-old city businessman, have found that the accused used around 36,656 mule bank accounts to transfer the defrauded funds. A part of the money was also used to fund usurious “loan apps” and illegal online games, both run from China.

Cyber frauds used 36,656 mule bank accounts to transfer ₹10.98 Cr looted from city bizman

According to the police, who registered an FIR on January 20, the businessman got a call from an unknown person who identified himself as Mohan Sharma, and informed him that he could earn high profits by investing in the stock market through their firm. Sharma asked the complainant to join a WhatsApp group called Trader Titan VIP group, where “tips” were shared for making higher profits on investments. Members of the group also shared details of the profits they had made.

Impressed by the tips and lured by the high returns, the 68-year-old expressed his willingness to invest through the firm. Sharma then introduced him to a certain Alex, who claimed to be the general manager and part of an American private equity firm, and added the complainant to another “premium” WhatsApp group. Between December 30, 2025 and January 17, 2026, the businessman ended up “investing” around ₹10.98 crore through the fraud application, a police officer said.

During the investigations the South Cyber Police found that 11 primary bank accounts were used to transfer the complainant’s money—these were current bank accounts opened by people who set up fake firms in Uttar Pradesh, Bihar, Orissa, Haryana, Punjab, Gondia in Maharashtra and other places. “In the Layer 1 inquiry, we jointly conducted raids in all these states and arrested those who, in connivance with bank staffers, had opened accounts by forming fake companies,” said DCP Purshottam Karad. “The accused all earned a commission and then either withdrew the money or got it transferred to other bank accounts.”

Nandkumar Gopale, who investigated the case under the guidance of Lakhmi Gautam, the Joint Commissioner of Police, Crime, said the accused transferred the businessman’s ₹10.98 crore earned in the fraud to around 36,656 bank accounts. “After this, it was converted into cryptocurrency and transferred to China/Cambodia,” he added.

Gopale said that the scamsters also used part of the money to fund Chinese loan apps, which charged usurious rates of interest and harassed loan defaulters who fell prey to them. “They are known for threatening people with dire consequences, to the extent of circulating their nude morphed photos online,” he said. “The accused also invested in illegal gaming applications.”

The police said that after coming across so many mule bank accounts, they decided to interrogate the bank officials who helped the accused open them. “They created companies to open current bank accounts,” he said. “Nothing has been done by the companies except accepting cash. They rented premises to get a license.”

A chargesheet has been filed in the case and the search is on for some wanted accused.