Bengaluru police have dismantled a gang exploiting college students to create “mule accounts” for cyberfraud operations. The arrests followed an investigation into a job fraud case in which a city resident lost ₹12.4 lakh.
Key Developments
- How the Fraud Operated:
- Students were approached by a man from Rajasthan, claiming to need bank accounts for his “currency exchange” business.
- Students were promised lucrative returns in exchange for opening accounts and sharing their details.
- The accounts were later used to facilitate cyberfraud.
- Arrests:
- The police traced the fraudulent transactions to a college student who led investigators to two suspects—Abhay Dhan and Arvind (19, from Jodhpur).
- Further investigation led to the arrests of two other suspects—Pavan Bishnoi (18) and Sawayi Singh (21) from Jaisalmer.
- The suspects had befriended students in Bommanahalli, Bengaluru, to recruit them for opening accounts.
- Modus Operandi:
- The gang befriended students and used one to contact others, creating a network of bank accounts for illicit activities.
- Stolen funds were used to buy tether cryptocurrency on Binance, which was transferred to digital wallets.
- Seized Items:
- 19 mobile phones, two laptops, 20 SIM cards, 34 passbooks, 106 credit cards, and 39 cheque books were recovered during the operation.
The investigation is ongoing, with police searching for additional accomplices.
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