Bengaluru cyber police arrested three men in an alleged online trading and investment scam that cost a Peenya resident Rs. 93,58,555. The probe exposed a network involving 507 suspected mule accounts, fraudulent mobile applications and cryptocurrency transfers.
Rs. 51 Lakh Traced Through Two Accounts
The case was registered after the victim filed a complaint on May 28. Investigators found that about Rs. 13 lakh allegedly passed through an account at a government-owned bank, while more than Rs. 38 lakh moved through one private-bank account. Police identified Amit Mishra after tracing a mobile phone to Lucknow.
“We were tracking him for nearly two months and on September 8, he arrived in Bengaluru. We arrested him from the hotel where he was staying,” a police officer said.
Tausif Ahmed and Parashuram Sadanand Kannanavar, alias Pavan Kumar, were arrested the following day. Police recovered six mobile phones.
Fake Apps Allegedly Captured Banking Messages
According to the probe, the network procured current, corporate and trust accounts along with linked SIM cards and net-banking credentials. Account holders were offered commissions and brought to a hotel in Kachuvanahalli.
“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,” a police officer said.
Investigators allege that ‘ZNPAY’ and SMS-forwarding APKs intercepted OTPs and banking alerts, enabling remote account access.
Crypto Trail Extends Beyond India
“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,” the officer added.
Police forwarded 51 suspicious APK files to I4C for analysis. Digital forensics also identified IP addresses linked to Kolkata, Hong Kong and California. Authorities are verifying those leads while investigating untraced suspects and the network.
Also Read: India’s ED Sharpens Crypto Crime Tracking Under New 18-Month Probe Plan
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