Rajkot Mule Accounts Scam: Rs 2,500 Crore Laundered Through 85 Bank Accounts
The mule accounts racket busted by Rajkot Rural police in February has revealed staggering proportions, with illicit proceeds of Rs 2,500 crore laundered through a network of 85 bank accounts. With the recent arrest of three more individuals, the investigation has confirmed that this massive amount of digital crime money was systematically routed through these accounts.
Bankers Arrested for Facilitating Fraud
On Monday, the total number of arrests in the case rose to 21 with the apprehension of three employees from a leading private bank. These bankers had actively helped cyber scammers open 8 to 10 mule accounts for fraudulent activities.
Those arrested include:
- Kalpesh Dangaria, a former manager of a private bank who now works with another financial institution
- Maulik Kamani, a former personal banker currently employed with another lender
- Anurag Bladha, another former personal banker now working with a different financial organization
At the time the crimes were committed, all three were working with the same bank in different capacities. They facilitated the opening of mule accounts for fake proprietorships using the names of innocent victims, entirely without their knowledge or consent.
Systematic Bypassing of Banking Protocols
"These bankers brazenly bypassed strict Reserve Bank of India (RBI) guidelines and internal verification protocols in exchange for hefty financial commissions," stated Vijaysinh Gurjar, superintendent of police, Rajkot. "Baldha certified forged documents as genuine after a suspect signed an account opening form on another person's behalf."
The investigation, assisted by chartered accountants, has identified 85 specific bank accounts and 35 dummy firms utilized by the criminal network. Nationwide, 535 official complaints linked to these accounts were registered on the National Cyber Crime Reporting Portal (NCCRP), according to Vijay Singh Gurjar, superintendent of police, Rajkot Rural.
How the Racket Was Uncovered
The initial breakthrough occurred when police scrutinized suspicious banking data and flagged a bank account belonging to ‘M/s Jyot Trading Company' at the Gondal Marketing Yard. This account showed unexplained transactions of approximately Rs 200 crore, which led to the filing of an FIR at the Padadhari police station.
Currently, 17 of the 20 accused are in judicial custody as the investigation continues to expand.
Ongoing Investigation and Forensic Analysis
Police are now gathering comprehensive details of all bank accounts opened during the tenure of the three accused bankers. Account holders will be summoned to verify their signatures, and all relevant documents will be sent to the Forensic Science Laboratory (FSL) for authentication and analysis.
"We also discovered that Maulik Kamani received a high-end phone as a gift from the perpetrators," revealed Ravi Godham, inspector at the Cybercrime police station, highlighting the incentives offered to bank employees for their cooperation in the fraudulent scheme.
The scale of this operation underscores significant vulnerabilities in banking security protocols and the need for enhanced monitoring of financial transactions to prevent similar large-scale cybercrimes in the future.
