₹10.98 Crore Cyber Fraud in Mumbai: How a Fake Trading Scam Used 36,000+ Mule Accounts

Large-Scale Share Trading Cyber Fraud Uncovered in Mumbai

Mumbai’s South Cyber Police have exposed a highly organized cyber fraud involving ₹10.98 crore, targeting a 68-year-old businessman through a fake share-trading scheme. The investigation revealed a complex financial network involving 36,656 mule bank accounts, cross-border transactions, and links to illegal digital operations.

Modus Operandi of the Fraud

The fraud began with an unsolicited call from an individual posing as a financial advisor, offering lucrative returns through stock market investments. The victim was added to a WhatsApp group titled “Trader Titan VIP”, where fabricated success stories and profit screenshots were shared to build credibility.

Subsequently, the victim was introduced to another individual claiming to be a senior executive of an international investment firm. Through continued persuasion and psychological manipulation, the victim invested ₹10.98 crore via a fraudulent trading application between December 30, 2025, and January 17, 2026.

When the victim attempted to withdraw funds, access was denied, and additional investment of ₹8 crore was demanded under threat of account suspension. Realizing the fraud, the victim approached law enforcement authorities.

Financial Laundering Mechanism

Investigations uncovered a sophisticated money-laundering structure:

• Initial transfers were routed through 11 primary bank accounts
• Funds were further distributed across 36,656 mule accounts
• Accounts were created using fake companies across multiple states
• Money was eventually converted into cryptocurrency
• Final transfers were made to foreign locations, including China and Cambodia

Authorities also found the involvement of bank officials who facilitated the opening of fraudulent accounts.

Links to Other Criminal Activities

A portion of the defrauded funds was used to finance:

• Illegal loan applications charging exorbitant interest rates
• Harassment operations, including threats and digital blackmail
• Unauthorized online gaming platforms

These findings highlight the interconnected nature of cybercrime ecosystems, where proceeds from one fraud fuel additional illegal activities.

Law Enforcement Action

The police conducted multi-state raids and arrested several individuals involved in creating fake firms and operating mule accounts. A chargesheet has been filed, and efforts are ongoing to apprehend remaining suspects.

 Fraud Flow Chart (Simplified)