Rajasthan Police have cracked a major cyber fraud case in Alwar, uncovering a scam worth over Rs. 500 crore. 16 people, including four Axis Bank employees, were arrested under Operation Cyber Sangram.
The accused created fake current and corporate bank accounts, called ‘mule accounts’. They sold these accounts to cybercriminals through WhatsApp and Telegram. The fraudsters used the accounts to move money from online betting, gaming scams, and cryptocurrency fraud. Over 4,000 complaints linked to these accounts were reported on the National Cybercrime Reporting Portal.
The arrested Axis Bank employees include Sahil Agarwal (33), Gulshan Punjabi (33), Asu Sharma (23), and Anchal Jat (24). They opened fake accounts using forged documents and gave cybercriminals full access to internet banking by linking accounts to new phone numbers, installing APK files, and sharing one-time passwords. This made it easy for criminals to launder stolen money.
Police also arrested the masterminds behind the operation. Varun Patwa (40) from Udaipur, now in Gurugram, and Satish Kumar Jat (35) from Hisar coordinated the fraud network. They controlled the sale of mule accounts and guided how stolen money should be moved before accounts were flagged or frozen.
During raids, police seized 26 ATM cards, 33 mobile phones, 34 SIM cards, and Rs. 2.5 lakh in cash, multiple cheque books, passbooks, and two vehicles. They also recovered Rs. 5 lakh from frozen accounts and several identity documents. The scale of the operation shows how organized and sophisticated the network was.
A special team led by ASP Kamble Sharan Gopinath will continue the investigation. Police expect more arrests as the case unfolds, and they are tracking connections in other states. Authorities said the case highlights how insider help from bank staff makes cyber fraud harder to detect.
Axis Bank has been investing in fraud prevention, but cases like this show that internal collusion remains a serious risk. The bust underlines the need for banks to strengthen security and vigilance to stop cybercriminals from exploiting inside access.
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