₹930 Crore Cyber Fraud Busted in Gujarat: Mule Accounts, Forex Cards and International Money Laundering Exposed

₹930 Crore Mule Account–Based Cyber Fraud Busted in Gujarat

Gandhinagar:
The Gujarat Cyber Centre of Excellence has dismantled a major mule account–based cyber fraud network, uncovering a nationwide scam worth nearly ₹930 crore. The operation is being described as one of the largest cyber fraud crackdowns in recent times.

Investigations revealed that the gang was operating primarily from the Veraval–Somnath region of Gir Somnath district, while executing cybercrimes across 28 states. The fraud involved siphoning money from unsuspecting victims and routing it through multiple bank accounts to conceal its origin.

Arrests and Accused Identified

So far, five accused have been arrested in connection with the case. They have been identified as:

• Abdul Rishi Panwala (Gir Somnath)

• Mushtaq Abdul Khalid Khanani (Veraval, Gir Somnath)

• Shabbir Mohammed Hanif Bhadela (Mumbai–Thane)

• Mohammed Taha Shabbir Bhadela (Mumbai–Thane)

• Gagjibhai Manjibhai Rajput (Ahmedabad)

According to investigators, Mushtaq Khanani played a central role in coordinating the movement of funds and managing links between domestic and international handlers.

Modus Operandi: Mule Accounts and Forex Cards

The investigation revealed that the accused opened multiple mule accounts in IndusInd Bank, which were used to route proceeds from cyber fraud. These accounts included:

Funds were withdrawn using forex cards, each having a transaction limit of approximately ₹7 lakh, enabling the accused to bypass traditional banking scrutiny.

International Money Laundering Link

A major breakthrough in the probe was the discovery of an international money-laundering network. Investigators found that the accused had travelled to Dubai 25–30 times, where large sums of money were withdrawn using the same forex cards.

Money collected from cyber frauds across India was transferred to a Mumbai-based handler, from where international transactions were managed, indicating a well-organised cross-border syndicate.

Scale of the Cybercrime Network

Technical analysis conducted by the Cyber Centre of Excellence linked the gang to:

• 1,534 cybercrime cases across India

• 28 states affected

• 264 cases successfully solved so far

Officials have termed the operation a major milestone in cybercrime enforcement.

Official Statement

Cyber Crime SP Rajdeep Singh Jhala stated:

“Strict action has been taken against the gang involved in money laundering through mule accounts and forex cards. The investigation is ongoing to trace every link connected to this cybercrime network, and further revelations are expected.”

Public Advisory

The Cyber Crime Department has urged citizens to remain vigilant and warned against sharing bank accounts, debit or credit cards, or personal documents with unknown individuals. Officials stressed that allowing one’s account to be used as a mule account is a criminal offence and can lead to severe legal consequences.

Conclusion

This case highlights the evolving nature of cybercrime in India, where financial fraud is increasingly intertwined with organised crime and international money laundering. The crackdown underscores the growing capability of Indian cybercrime agencies to detect, dismantle, and prosecute large-scale digital fraud networks.

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