CBI Arrests Three in Cyber Crime Case Involving Rs 3.81 Crore

The Central Bureau of Investigation (CBI) has detained three individuals linked to a significant cyber crime case, as announced in a press release on Sunday. The arrests follow an investigation initiated by the CBI’s Economic Offences Wing in Mumbai after receiving specific source information. Those arrested include Sudhir Bhaskar Palande, identified as a mule account holder, along with Yash Thakur, the alleged middleman, and Shaurya Sunilkumar Singh, who is accused of operating the fraudulent activities.

The agency detailed that on July 2, 2023, a total of Rs 3.81 crore was deposited into Palande’s mule account, sourced from multiple victims of cyber crime. Following the initial deposit, the funds were transferred to over one hundred additional mule accounts established across India, a process that facilitated the eventual transfer of money to the actual cyber fraudsters.

Investigation Reveals Complex Scheme

As the investigation progressed, the CBI uncovered a complex conspiracy involving the establishment of mule accounts by bank officials and middlemen who bypassed essential Know Your Customer (KYC) protocols, Customer Due Diligence, and Initial Risk Assessment procedures. The CBI’s search operations yielded incriminating documents, digital evidence, mobile phones, iPads, account opening forms, transaction records, and KYC papers, all of which are crucial for building the case against the accused.

The inquiry also revealed that Thakur played a significant role in facilitating the creation of mule accounts in Mumbai. He reportedly coordinated accommodation arrangements for account holders in Nagpur and orchestrated fund transfers to other mule accounts through local agents. These agents, also based in Nagpur, received their commissions via cryptocurrency, which was subsequently distributed among other conspirators involved in the scheme.

The CBI’s actions reflect a broader effort to combat cyber fraud, particularly operations targeting citizens in the UK and Australia. The agency’s findings underscore the urgent need for enhanced regulatory oversight in banking to prevent such fraudulent activities from recurring.

As investigations continue, the CBI is expected to delve deeper into the network of individuals and organizations involved in this substantial cyber crime operation. The case serves as a reminder of the vulnerabilities that exist within financial systems and the importance of stringent compliance measures to safeguard against cyber threats.