Police have arrested six people in connection with an alleged ₹9.88 crore cyber fraud involving a mill owner in rural Nagpur, Maharashtra. Investigators suspect the network used more than 1,000 bank accounts, shell companies and fintech payment channels to move funds taken from the victim’s account.
According to the supplied report, the alleged fraud involved large-value Real Time Gross Settlement (RTGS) transfers made between July 4 and July 6. Police are examining whether SIM swapping was used to gain control of the victim’s mobile number and intercept banking alerts or one-time passwords (OTPs).
The case has drawn attention because the victim reportedly did not share an OTP or click a suspicious link. Investigators are now tracing the movement of money, examining digital evidence and looking for possible links to other suspected financial crimes.
How the Alleged Fraud Was Carried Out
According to investigators, approximately ₹9.88 crore was transferred from the bank account of a mill owner in Wadhoda, in rural Nagpur, over a three-day period in July.
Police suspect that the perpetrators used SIM swapping, a technique in which criminals fraudulently obtain control of a victim’s mobile number. If successful, this can potentially allow them to receive calls or messages intended for the legitimate subscriber, including certain banking alerts or authentication codes.
The victim reportedly did not disclose an OTP or click on a suspicious link. However, the exact technical method used to authorise the transfers remains a matter for investigators to establish.
The alleged operation is also suspected of involving shell companies, fintech payment channels and a large network of bank accounts. Police are examining whether some of the money was withdrawn in cash or moved through informal hawala channels.
The case demonstrates why financial fraud investigations often require more than reviewing the initial transaction. Investigators must reconstruct the movement of funds across accounts and determine who controlled the relevant devices, companies and financial channels.
Who Are the Six People Arrested?
The six arrested individuals include Mukesh Mishra, 41, a Mumbai-based lawyer who, according to the report, handles cybercrime cases in the Bombay and Delhi High Courts. Police allege that Mishra acted as a cyber consultant for the suspected network, drawing on his knowledge of financial and cybercrime investigations.
The other five accused have been identified as Hanuman Kumar Ram, 26; Ravikumar Yadav, 24; Azim Rafique Mithani, 26; Rakesh Singh, 44; and Ankur Goswami, 30.
Investigators reportedly traced the suspects across Maharashtra, Uttar Pradesh, Jharkhand and Delhi by analysing suspicious transactions and banking records.
The allegations against the arrested individuals have not been established as proven facts. Their respective roles and any potential connections to other suspected offences will need to be determined through the investigation and legal process.
Police Recover ₹4.21 Crore
The victim reportedly approached cyber police, following which a case was registered on July 8. Investigators subsequently froze or recovered funds amounting to ₹4.21 crore, according to the supplied report.
Police said arrangements were being made to return the recovered money to the victim’s bank account. The final amount returned may depend on the applicable legal process and the status of the funds.
Rural Superintendent of Police Harssh Poddar reportedly said the suspected network involved more than 1,000 bank accounts linked to fintech companies and payment gateways.
Investigators are also examining whether some of the suspected proceeds were used to purchase gold in Mumbai and Uttar Pradesh. Establishing the ownership of such assets and tracing their funding sources could help authorities determine where the money went.
Although the reported recovery represents a significant development in the case, it does not account for the entire ₹9.88 crore under investigation. Tracing the remaining funds and identifying their recipients remain important parts of the probe.
Investigation Examines Wider Financial Connections
Police are reviewing bank statements, digital records and virtual wallets to reconstruct the transactions and identify any additional participants. The investigation is also examining possible links between the suspected network and other reported financial fraud cases.
According to the supplied report, one accused had previously worked for an Indore-based company allegedly connected to a separate fraud case involving ₹3,400 crore. That reported association does not, by itself, establish that the accused or the current suspects participated in that separate case.
Authorities are also investigating suspected hawala operators and angadia networks in Mumbai and Delhi. The Enforcement Directorate has reportedly been approached for assistance, while Additional Superintendent of Police Anil Mhaske indicated that further arrests could follow.
The extent of any links to other cases will depend on evidence obtained from financial records, digital devices and further investigative action.
Why the Case Matters for Banking Security
The alleged fraud highlights the complexity of attacks that combine digital identity compromise with the movement of money through multiple accounts.
SIM swapping is one potential route for criminals to interfere with mobile-based communications, but the reported case does not establish the precise method used to execute the transfers. Banks and investigators must examine authentication logs, changes to mobile connections, transaction records and other available evidence before drawing conclusions.
Customers can take practical precautions by enabling transaction alerts, keeping their registered mobile numbers secure and contacting their bank immediately if they notice unexplained transactions or a sudden loss of mobile service. They should never disclose banking passwords, PINs or OTPs to callers claiming to represent a bank.
Businesses and individuals affected by suspected financial fraud may also need a structured review of transaction records to help establish the movement of funds. Financial investigation services can be relevant to examining suspicious financial activity, alongside bank reporting and assistance from law enforcement.
Conclusion
The investigation into the alleged ₹9.88 crore fraud has led to six arrests and the reported recovery of ₹4.21 crore. Police are examining a network of more than 1,000 bank accounts, possible SIM-swapping activity and suspected links to other financial transactions.
The next stages of the probe will be important in establishing how the transfers were authorised, where the remaining funds went and whether additional individuals or entities were involved. Until those questions are resolved, the allegations and reported connections should be treated as matters under investigation.