A Rajasthan cryptocurrency scam shows how social-media fraud, mule accounts and weak identity controls can move stolen funds. Mukesh Kumar of Gharsana lost Rs. 17.71 lakh after being approached online and directed to a fake trading platform.
The case raises a practical question: how much can be recovered once fraudsters move funds through multiple accounts?
Facebook Contact Led to the Fraud
Kumar was contacted on Facebook on April 16 by an individual identifying as “Soni Sharma.” The conversation shifted to WhatsApp, where he was directed to TrustMyCoin.com and encouraged to deposit money.
The transactions totaled Rs. 17,71,480. Investigators traced part of the money to accounts linked with other cybercrime cases.
According to investigators, Rs. 1 lakh was withdrawn from an ATM in Kishangarh, while other funds moved through UPI transfers.
Bank Employee Arrested Over Mule Account
Rajasthan authorities arrested a City Union Bank assistant manager accused of creating an account using forged documents.
The account was opened under the name Vijay Chaudhary using an altered voter ID, forged signatures and another person’s photograph. A mobile number linked to suspect Subhanshu Thakaria was also attached to the account for online banking access. The account was allegedly sold for Rs. 12,000 and later connected to the scam.
Mule Accounts are a Wider Banking Risk
Reserve Bank of India (RBI) data indicates that 0.5% to 1% of newly opened accounts show characteristics associated with mule activity.
According to the Indian Cyber Crime Coordination Centre, 2.47 million Layer-1 mule accounts had been documented by early 2026.
These accounts allow fraudsters to split and transfer stolen money, making recovery harder with every transaction.
Speed Matters for Victims
Victims should contact the national cybercrime helpline 1930 immediately and file a complaint through cybercrime.gov.in. UTR numbers, bank statements, screenshots, chats, wallet addresses and transaction hashes can help investigators follow the money trail.
The Rajasthan case shows that crypto scams can begin on social media but depend heavily on banking channels. Faster reporting and stronger account verification can determine whether stolen funds remain traceable.
Also Read: AI Crypto Scam Nets $24 Million From More Than 400 Investors
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
