In a major crackdown on financial fraud, police have arrested five individuals accused of running a mule bank account racket by luring students with false promises of scholarships and monetary incentives.
The accused have been identified as Vakdoth Vakeel, Raju, Zeeshan Ansari, Akash, and Sahil. According to investigators, the group targeted students staying in a boys’ hostel and persuaded them to open bank accounts in their own names.
Police said the suspects convinced the students that the accounts were required to process scholarship funds or participate in financial schemes offering quick rewards. After the accounts were created, the accused allegedly collected sensitive banking information, including ATM cards, passbooks, and internet banking credentials.
Authorities believe these accounts were then used as mule accounts to route and withdraw money obtained through illegal transactions, making it harder for investigators to trace the original source of the funds.
The operation came to light when police intercepted the accused while they were reportedly travelling to Goa to negotiate further fraudulent deals linked to the scheme.
Investigations are ongoing, and officials are working to identify additional victims and possible links to wider cybercrime networks.
