The Central Bureau of Investigation (CBI) has arrested three individuals in Mumbai — Sudhir Bhaskar Palande, Yash Thakur, and Shaurya Sunilkumar Singh — in connection with a Rs3.81 crore cyber fraud, officials said on Sunday.
The CBI’s Economic Offences Branch launched the investigation after receiving specific intelligence inputs. According to investigators, the fraudulent funds were credited to a mule account under Palande’s name on July 2. The money, originating from multiple cybercrime victims, was rapidly dispersed through over 100 mule accounts across India.
To conceal the money trail, the funds were further funneled through thousands of bank accounts. The operation aimed to obscure the source and destination of the illicit money, making it harder to track.
CBI officials revealed that the scheme involved collusion between middlemen and bank insiders. These individuals allegedly bypassed Reserve Bank of India (RBI) regulations and internal protocols to open the mule accounts without proper KYC verification.
During searches, the agency seized incriminating digital devices, KYC forms, and other bank documents. Investigations also uncovered that Palande had been set up in Nagpur, where local agents helped coordinate fund transfers. Notably, commissions in the fraud were paid in cryptocurrency and shared among the conspirators.
All three accused are currently in judicial custody. The case continues to unfold as investigators dig deeper into the network of facilitators and financial trails.
