Lucknow | Four individuals have been arrested for allegedly operating a sophisticated money-laundering network that channelled proceeds of cyber fraud through shell companies, with investigators suspecting links to international cybercrime syndicates, officials said on Monday.
Additional Deputy Commissioner of Police (South Lucknow) Rallapalli Vasanth Kumar said the accused were arrested by a joint team of Sushant Golf City police station and the cyber cell after an investigation into the racket's financial trail.
According to the officer, the gang acquired shell companies and opened corporate bank accounts in their names. These accounts were then handed over to handlers, who obtained internet banking credentials, ATM cards, cheque books, SIM cards and one-time password (OTP) access to facilitate financial transactions.
"Four people of the corporate mule accounts ring have been arrested. One more person, apparently the gang's kingpin, has been identified but is absconding. We'll arrest him soon," Kumar said.
Kumar highlighted that the operation functioned through multiple layers to conceal the identities of those controlling the accounts. Communication between the handlers and end users was carried out entirely through WhatsApp groups, while sensitive banking information, including internet banking credentials and OTP access, was shared digitally, allowing remote operators to take control of the accounts.
"The corporate accounts were allegedly used to receive money generated through cyber fraud, illegal betting and sextortion. Victims were instructed to transfer funds into these accounts, after which the money was rapidly layered through multiple transactions or converted into cryptocurrency to obscure its origin," the officer said.
"Local handlers retained a fixed commission for maintaining the infrastructure, managing OTPs and keeping the accounts operational before transferring the remaining funds further through the network," he added.
The Additional DCP further informed that the investigation revealed indications of an organised network operating beyond state and national boundaries, and the police were examining possible international links as part of the probe.
Police seized 79 cheque books, six point-of-sale (POS) machines, 77 ATM cards, 14 keypad mobile phones, 15 Android phones, 29 SIM cards, documents related to various companies, three laptops, three identity cards and six rubber stamps during the operation, Kumar said.
He said further investigation was underway to identify other members of the network and trace the beneficiaries of the laundered funds.
