Police have arrested a Mumbai-based lawyer and five other individuals in connection with an alleged ₹9.88 crore bank fraud involving unauthorised online transactions from a mill owner's account in the Nagpur rural area of Maharashtra.
According to the supplied report, investigators suspect the group used SIM swapping, multiple bank accounts and a network of financial intermediaries to move the money. Police reportedly recovered ₹4.21 crore, which was returned to the complainant's account after authorities froze funds.
The investigation is also examining suspected shell companies, payment gateways and possible links to other financial fraud cases. The allegations against the arrested individuals remain subject to the legal process.
Mumbai Lawyer Accused of Advising the Alleged Operation
The report identifies the main accused as Mukesh Mishra, 41, a Mumbai-based lawyer who handles cybercrime matters and operates a law firm. Police suspect that he acted as a cyber consultant for the alleged operation, potentially using his knowledge of cybercrime investigations.
The other five arrested individuals are identified as Hanuman Kumar Ram, 26; Ravikumar Yadav, 24; Azim Rafique Mithani, 26; Rakesh Singh, 44; and Ankur Goswami, 30.
According to police, some of the accused had previously worked in the banking sector. Investigators are examining whether their professional experience played any role in the alleged transactions.
An individual's professional background or arrest does not by itself establish guilt. The investigation will need to determine each person's alleged role and the evidence supporting the accusations.
How Was ₹9.88 Crore Allegedly Transferred?
The alleged fraud took place between July 4 and July 6, according to the report. During this period, ₹9.88 crore was reportedly transferred through Real-Time Gross Settlement (RTGS) transactions from the bank account of a mill owner living in Wadhoda, in the Nagpur rural area.
Investigators suspect that SIM swapping may have been used to gain control of the victim's mobile number or interfere with account authentication. This could have helped the alleged perpetrators access banking services without the account holder knowingly approving the transactions.
SIM swapping involves the unauthorised transfer of a victim's mobile number to another SIM card or connection. When successful, it can expose text messages and certain account-recovery or verification processes to misuse.
Police are examining how the transactions were authorised, how access to the account may have been obtained and whether any additional security weaknesses were exploited. The precise method remains subject to the investigation.
Police Recover ₹4.21 Crore After Complaint
The victim reportedly approached cyber police after discovering the transactions, and a case was registered on July 8.
According to the supplied report, prompt reporting enabled investigators to freeze some of the funds and recover ₹4.21 crore. The recovered amount was subsequently returned to the complainant's account.
Technical analysis of suspicious bank accounts and fintech-related transactions reportedly led investigators to Maharashtra, Uttar Pradesh, Jharkhand and Delhi. Police also sought assistance from the Enforcement Directorate to examine the financial trail.
The reported recovery represents a significant portion of the alleged loss, but the supplied information does not establish whether the remaining amount has been traced or recovered.
More Than 1,000 Bank Accounts Under Scrutiny
Investigators suspect that the alleged operation used shell companies and a network of financial intermediaries to move funds between accounts.
According to the report, the money may have passed through fintech companies, payment gateways and more than 1,000 bank accounts. Police are also examining allegations that some funds were withdrawn in cash, routed through suspected hawala channels or used to purchase gold in Mumbai and Uttar Pradesh.
These financial movements are now an important part of the investigation. Account records, transaction timestamps, company documents and digital evidence may help authorities identify the beneficiaries and determine whether particular accounts were knowingly used to facilitate the alleged fraud.
The number of accounts involved does not necessarily establish that every account holder participated in wrongdoing. Investigators must distinguish between alleged organisers, intermediaries, unwitting account holders and other parties based on the evidence.
Possible Links to Other Financial Fraud Cases
Police are also examining a possible connection involving one accused who reportedly worked at an Indore-based company linked to an alleged ₹3,400 crore fraud.
Investigators are reviewing digital records, virtual wallets and suspected hawala connections in Mumbai and Delhi to determine whether the current case overlaps with other investigations.
The reported connection remains under examination. Further arrests or charges would depend on the evidence gathered and the conclusions reached by the investigating authorities.
How Can Bank Customers Reduce SIM-Swapping Risks?
The case highlights several precautions that can help customers protect their bank accounts:
Respond quickly to unexplained mobile service loss: Contact your telecom provider through an official channel if your SIM unexpectedly stops working.
Enable bank transaction alerts: Monitor account activity and report unfamiliar transfers to your bank immediately.
Secure email and banking accounts: Use strong, unique passwords and additional security protections wherever available.
Never share banking credentials: Do not disclose passwords, PINs or one-time passwords to callers claiming to represent banks or government agencies.
Report suspected fraud promptly: In India, contact the cybercrime helpline at 1930 and use the official National Cyber Crime Reporting Portal. Also notify your bank without delay.
Investigation Continues
Police are continuing to trace the alleged flow of funds, examine digital evidence and investigate possible links to other financial crimes. The final findings will need to establish how the transactions were carried out and what role each accused person allegedly played.
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