Mumbai Police have arrested six individuals for allegedly helping launder more than ₹10.40 crore siphoned from an executive of the INOX Group through a WhatsApp impersonation scam. Investigators allege that the accused permitted their bank accounts to be used for receiving fraud proceeds in exchange for commissions and handed over banking instruments to the alleged mastermind for withdrawing the funds.
The case is being investigated by Mumbai Police's cybercrime unit, which is continuing efforts to identify the principal operator behind the alleged fraud.
Fake WhatsApp Profile Allegedly Triggered Multi-Crore Transfers
According to police, the investigation began after Girish Amin, Deputy General Manager (Accounts) with the INOX Group, filed a complaint.
Investigators said that on June 3, Amin allegedly received a WhatsApp message from a mobile number displaying the profile photograph of a senior company director. The sender reportedly claimed to be in a meeting and subsequently instructed Amin to transfer ₹46.5 lakh to a specified bank account.
Police allege that similar payment instructions continued to arrive through WhatsApp between June 3 and June 15, directing company funds to multiple beneficiary accounts.
Company Reportedly Lost Over ₹10.40 Crore
According to investigators, a total of 63 banking transactions amounting to ₹10,40,71,924 were executed from company accounts during the period.
The alleged fraud surfaced after Amin contacted the actual company director to request invoices supporting the payments. Police said the director informed him that no such payment instructions had been issued.
Following the complaint, investigators traced the financial trail and identified multiple beneficiary accounts allegedly used to receive the transferred funds.
Six Arrested as Probe Expands
Police identified the arrested accused as:
- Dnyaneshwar Thoke
- Birendra Kumar Bhagat
- Ranjan Kumar Kharwar
- Vikas Bind
- Vansh Menocha
- Faizay Shabbir Hussain Alam
According to investigators, the six accused allegedly allowed their bank accounts to receive the fraud proceeds in exchange for commission payments. Police further allege that they handed over cheque books, debit cards and related banking credentials to the person believed to have orchestrated the fraud.
Authorities are continuing to investigate whether additional individuals participated in opening or operating the accounts used in the alleged scheme.
Gold Purchases Under Investigation
Investigators allege that the principal suspect attempted to launder the proceeds by directing associates to obtain loans and purchase gold bullion.
According to police, the loans were allegedly repaid using the fraud proceeds before the purchased gold was handed over to the mastermind, making it more difficult to trace the diverted funds.
The financial trail remains under forensic examination.
Police Advise Public to Verify Financial Instructions
Deputy Commissioner of Police Bajrang Bansode urged businesses and individuals to independently verify financial instructions received through messaging applications, even if they appear to originate from senior executives or trusted contacts.
Police also advised citizens not to panic if contacted by individuals claiming to be police officers or investigators threatening "digital arrest" and urged victims to immediately report suspected cybercrime through the 1930 Cyber Helpline, the nearest police station or the National Cyber Crime Reporting Portal.
Shunyatax Global Insight
WhatsApp impersonation fraud has become one of the fastest-growing forms of corporate cybercrime. Criminals increasingly exploit publicly available profile photographs, executive names and messaging platforms to deceive finance departments into authorising fraudulent payments. Organisations can significantly reduce this risk by implementing maker-checker approval systems, mandatory callback verification for payment requests, multi-factor authentication and employee awareness training against executive impersonation attacks.
Stay connected with Shunyatax Global for trusted reporting on cybercrime, financial fraud, digital investigations, banking security and regulatory developments.