3 hrs ago
Bengaluru Police Uncover Investment Fraud Network Using Fake Apps
Police in Bengaluru say they found a large group involved in an online investment scam.
One resident allegedly lost almost Rs 94 lakh.
The police arrested three people in connection with the case.
They say the group used more than 500 bank accounts belonging to other people.
These accounts were allegedly used to move stolen money.
Fake apps reportedly helped the suspects read bank messages and one-time passwords.
The money was then moved through several accounts and into a cryptocurrency wallet.
Police also found digital connections to places in India and abroad.
More suspects are still being identified and searched for.
Bengaluru cyber police arrested Amit Mishra, Tausif Ahmed and Parashuram Sadanand Kannanavar in an alleged online trading and investment fraud.
A Peenya resident allegedly lost Rs 93,58,555 after transferring money to multiple bank accounts.
Investigators identified 507 allegedly procured mule accounts, including current, corporate and trust accounts.
Fraudsters allegedly used ZNPAY and SMS-forwarding apps to intercept banking alerts and route funds to multiple accounts and a Binance wallet.
Digital traces reportedly pointed to Kolkata, Hong Kong and California, while several suspects remain untraced.
- Who
- Bengaluru cyber police arrested Amit Mishra, Tausif Ahmed and Parashuram Sadanand Kannanavar; other suspects remain untraced.
- What
- Police uncovered an alleged online trading and investment fraud network using mule bank accounts, fake apps and cryptocurrency transfers.
- Where
- The case was investigated in Bengaluru, with alleged operational links to Lucknow, Kolkata, Hong Kong and California.
- When
- The complaint was filed on May 28; Mishra was arrested on September 8 and Ahmed and Kannanavar on September 9.
- Why
- Police allege that the network obtained bank accounts and credentials, intercepted banking messages and redirected fraud proceeds for commissions.
Key facts
- Reported victim loss
- Rs 93,58,555
- Mule accounts identified
- 507 bank accounts
- Arrests
- Three men arrested
- Alleged operating location
- A hotel in Kachuvanahalli
- Reported account flows
- Approximately Rs 13 lakh through a government-owned bank account and more than Rs 38 lakh through a private bank current account
- Alleged payment to account owners
- Rs 1.5 lakh to Rs 2 lakh
- Apps identified
- ZNPAY and SMS-forwarding APKs, alongside 51 other suspicious APK files
- Untraced suspect
- Anoop, also known as Julpi, plus individuals using two Telegram handles
Quotes
A Bengaluru police officer
Police officer describing the tracking and arrest of Amit Mishra
“They used to lure people owning current accounts, especially trust bank accounts and corporate bank accounts, promising them huge donations. All they needed to do was go to the hotel, stay there a whole day, from where the money was being re-routed to multiple accounts through the current account, ”
indianexpress.com
“The account holders were not allowed to step out of the place during these transactions. They sent money to multiple accounts and later to a Binance crypto wallet. The mule account owners were being paid Rs 1.5 to 2 lakh.”
indianexpress.com
Sources
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