Bengaluru police uncovered an alleged cyber fraud network after a resident lost nearly Rs. 94 lakh in a fake investment scheme. The investigation led police to discover 507 mule bank accounts that were reportedly used to move money. The trail also reached a Binance crypto wallet. Police found digital links to Kolkata, Hong Kong, and California, though they are still checking the foreign links.
The case started after a Peenya resident filed a complaint over transfers worth Rs. 93.58 lakh. Police traced that nearly Rs. 13 lakh was moved through a government-owned bank account, while more than Rs. 38 lakh was moved through a specific private bank current account.
During the investigation, one of the accused, Amit Mishra, was arrested in Bengaluru on September 8. Police arrested two alleged associates, Tausif Ahmed and Parashuram Sadanand Kannanavar, the following day. The investigative team recovered six mobile phones from the three accused. As per the official police statement, “Initially, we thought they could be victims, but on September 8, when the technical analysis of Amit Mishra was being done, we found they were his partners. We arrested both of them on September 9.”
The investigation brought to light names like Sumon, Nick, Dilawar, Iftikhar, Abhinav, and Vivek who were connected to Mishra on the ZNPAY platform; similarly, Mishra was connected to people identified as Nawaz, Shihab Boy, Dinesh, Sulpikar, and Ashraf. The police team stated that they have been investigating each of them to determine their involvement.
Police reported the group allegedly collected current, corporate, and trust accounts along with SIM cards and banking details. People who provided these accounts were reportedly paid commissions. Investigators also found an app called ZNPAY and several SMS-forwarding APK files on the phones. Police suspect these tools were used to access banking messages and OTPs. Some mule account holders were allegedly paid between Rs. 1.5 lakh and Rs. 2 lakh for their role.
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The case points to a wider setup rather than a single phishing attack. The fake investment platform could bring victims into the scam. The mule accounts then helped move their money through different banks.
Crypto added another layer. Police said some funds were later moved towards a Binance wallet, making the money trail harder to follow. The Bengaluru case shows how online scams can involve several tools and people working together. Police are now checking more accounts, devices and digital links as they continue to trace the network.