August 14, 2025, Mumbai An international syndicate that rented and sold Indian bank accounts to scammers from Thailand, China, Dubai, Cambodia, and Malaysia was busted by the Mumbai Crime Branch in a significant crackdown on cross-border cyber fraud.
In coordinated raids, the five-person gang—including one woman—was apprehended, and police confiscated laptops, swiping machines, SIM cards, passbooks, and ATM cards. Investigators claim that the group took advantage of slum dwellers who were economically disadvantaged by offering them small payments in return for opening bank accounts. Through OTP authentication, these accounts were subsequently connected to fraudulent transactions, enabling foreign operators to embezzle funds from gullible victims.
After banks and the Reserve Bank of India reported several suspicious account activities, officials disclosed that the network had been monitored for weeks. To make detection more difficult, the suspects allegedly collaborated with foreign handlers to transfer illegal funds via phony e-commerce transactions and online gaming portals.
According to a senior Crime Branch officer, “this racket is just the tip of the iceberg.” “To uncover the complete network of cybercriminals dispersed throughout several nations, we are following financial traces.”
Additionally, police are looking into potential KYC violations that might have made it possible for these accounts to be opened without sufficient verification. Cyber experts caution that such rackets may be contributing to an alarming number of digital payment thefts, online betting frauds, and investment scams in India.
In light of the arrests, authorities are warning the public not to lend money or sell bank accounts because doing so could be interpreted as complicity in criminal activity. International agencies are anticipated to join the ongoing investigation.
