Kolkata: The cyber cell of Kolkata Police has registered two separate FIRs after busting a massive network of 46 mule bank accounts utilized to siphon off more than ₹1.3 crore through fraudulent online investment schemes.
How the Scam Operated
Sleuths flag that the massive haul was orchestrated within a span of just a few weeks, targeting citizens looking for lucrative returns on stocks, investment portfolios and trading options. According to cops, cyber sleuths detected a highly organized network comprising around four dozen bank accounts that were fraudulently opened across different bank branches in the city.
The operators of the scam used fake credentials to secure operational control over these accounts, keeping direct access to the associated debit cards, internet banking facilities, and UPI handles to layer the stolen money swiftly.
First Case: ₹1.14 Crore Fraud
In the first case, investigators found that unknown fraudsters systematically targeted victims by impersonating top-tier international investment institutions on various popular social media and communication platforms. Presenting themselves as genuine financial advisors, they lured victims into fabricated trading portfolios by promising exceptionally high profits.
Through these deceptive operations, the gang managed to dupe multiple investors of a staggering Rs 1,14,40,600. Police trackers revealed that after the funds were collected, a significant portion of the cheated wealth was physically withdrawn via an ATM located on RN Mukherjee Road in central Kolkata, while the remaining amounts were rapidly layered across subsidiary accounts.
Second Case: ₹11.14 Lakh Fraud
The second FIR outlines an identical modus operandi running parallelly, where a cluster of accounts opened at a specific branch in Kidderpore was selected to park illicit funds. In this module, unsuspecting victims were induced into parting with Rs 11,14,900 under the false pretext of receiving guaranteed returns from crypto and stock trading schemes. The fraud syndicates immediately routed and siphoned off the cash the moment it hit the accounts.
Legal Action and Investigation
Senior officials stated that the police have pressed stringent charges under Sections 66, 66C, and 66D of the Information Technology Act, 2000, alongside legal provisions of the Bharatiya Nyaya Sanhita (BNS), including criminal conspiracy, cheating by personation, and criminal breach of trust.
A specialized team of digital forensic experts has been deployed to trace the IP addresses used to operate the banking apps and locate the beneficiaries behind the mule accounts.
