Madhya Pradesh Police has launched a statewide enforcement campaign, Operation Matrix-2, to investigate 4,086 suspected mule bank accounts allegedly used to move money obtained through cyber fraud. The operation, scheduled to continue until November 28, 2026, aims to identify account holders, intermediaries and other individuals suspected of helping cybercrime networks transfer or conceal stolen funds.
The campaign focuses primarily on first-layer bank accounts—the accounts into which victims' money is initially deposited after being deceived by cybercriminals. Investigators are examining how these accounts were arranged, who controlled access to them and whether account holders knowingly participated in fraudulent transactions.
According to the report, the latest operation also reflects a change in the police department's investigative priorities. Teams are concentrating on cases where both the cybercrime victim and the suspected account holder are based in Madhya Pradesh, potentially making investigation and subsequent legal proceedings more straightforward.
Police Examine Account Holders and Intermediaries
A key objective of Operation Matrix-2 is to identify the individuals who provide bank accounts to cybercrime operators.
Investigators are examining whether suspected accounts were already being used for ordinary banking activities before being accessed by fraud networks or whether they were opened specifically for facilitating suspicious transactions.
The inquiry includes verification of Know Your Customer (KYC) documents submitted during account opening. Police are checking whether the paperwork is genuine and whether any false identity information may have been used.
Account holders are also being questioned to establish the circumstances in which their bank details or account access may have been shared. Investigators are seeking to distinguish between people who knowingly assisted cybercriminals and those who may have been misled through promises of commissions or other financial benefits.
The role of intermediaries is another major focus. These individuals allegedly connect cybercrime operators with people willing to provide access to bank accounts in exchange for payments. Police are examining whether such intermediaries recruited account holders, coordinated transactions or maintained contact with members of organised fraud networks.
Banking Records, SIM Details and Digital Trails Under Review
The investigation extends beyond bank statements and transaction histories. Police are also examining registered mobile numbers, communication records and suspected irregularities involving SIM card registrations.
According to the supplied report, cybercrime networks often use multiple accounts to move funds after an initial fraudulent deposit. Such transfers can make it more difficult to identify the ultimate recipient and reconstruct the movement of stolen money.
By comparing banking information with relevant digital communication records, investigators aim to establish links between account holders, intermediaries and suspected operators.
The examination of mobile identifiers is particularly relevant where investigators suspect that SIM cards or identity documents may have been obtained or registered through fraudulent means.
The wider objective is to establish the sequence of transactions, identify the people managing the accounts and determine whether the funds were transferred onward to other individuals or entities.
Operation Matrix-1 Led to 46 Arrests in 12 Districts
Operation Matrix-2 builds on the findings of the first phase, Operation Matrix-1, which was conducted during January and February 2026.
According to the report, the earlier campaign covered 12 districts and resulted in:
26 First Information Reports (FIRs).
46 arrests.
Inspection of approximately 3,330 first-layer bank accounts.
Seizure of 50 mobile phones.
Seizure of 80 SIM cards.
Seizure of 91 ATM cards.
Freezing of approximately ₹13 lakh held in suspected accounts.
The earlier investigation also reportedly identified links to three interstate syndicates and one international cyber fraud network.
These findings highlighted the role of local bank accounts in facilitating transactions for networks operating across state and national boundaries.
Why the New Operation Prioritises Local Cases
The first phase reportedly exposed practical difficulties in pursuing suspected account holders located outside Madhya Pradesh. Investigations involving individuals in other states can require coordination between different police jurisdictions and additional procedural steps.
To address these challenges, Operation Matrix-2 is giving priority to cases in which both the victim and the suspected account holder are residents of Madhya Pradesh.
This approach may help investigative teams coordinate questioning, gather documents and pursue cases through the relevant local authorities. It also allows police to concentrate resources on cases where the financial trail and the people involved are more closely connected to the state.
However, the focus on local cases does not mean that suspected interstate or international connections have been excluded from the broader investigation.
Police to Assess the Role of Each Account Holder
Authorities are expected to assess individual responsibility based on evidence gathered during the investigation. Relevant factors include transaction histories, financial benefits received, communication with suspected operators and the extent of involvement in facilitating transfers.
This distinction is important because the presence of a person's bank account in a suspicious transaction does not, on its own, establish criminal intent. Investigators must establish whether the person knowingly assisted the alleged fraud or was exploited without understanding the purpose for which the account was being used.
Intermediaries who allegedly arrange access to bank accounts are also a priority, as identifying them could help investigators trace connections between individual account holders and larger cybercrime networks.
Operation Continues Until November 28
Operation Matrix-2 is intended to disrupt the financial channels that cybercrime networks allegedly use to receive and move stolen money. Police teams are continuing account verification, document checks and transaction-trail analysis across the state.
The campaign is scheduled to run until November 28, 2026. Its eventual impact will depend on the evidence collected, the identification of active facilitators and the legal action taken against individuals found to be involved.
For banks, businesses and individuals, the case also highlights the importance of responsible account management, accurate KYC records and careful scrutiny before sharing banking access or financial credentials. Proper financial investigation services from Shunyatax can support organisations in understanding suspicious transaction patterns and strengthening financial controls.