🔴 9 Arrested in ₹1,500-Crore Multi-State Cyber Fraud Case; 15 Bank Accounts Used via APMC Firms

In a major crackdown on cybercrime, police have arrested nine people in connection with a sprawling ₹1,500-crore multi-state cyber fraud racket that allegedly used shell entities linked to Agricultural Produce Market Committee (APMC) firms to launder funds.

💻 How the Fraud Operated

According to investigators, the accused created and operated at least 15 bank accounts across various private banks. These accounts were allegedly opened in the names of firms associated with marketing yards under the Agricultural Produce Market Committee (APMC) framework.

Officials said the accounts were “strategically operated” to route and layer large sums of money obtained through cyber fraud. The funds were allegedly siphoned from victims across multiple states through online scams, phishing schemes, and other digital fraud tactics.

Police sources revealed that the use of APMC-linked firms helped the accused project high-volume financial transactions as legitimate agricultural trade payments, thereby avoiding immediate scrutiny.

🌐 Multi-State Network

The case spans several states, with victims reportedly targeted through:

• Fake investment schemes

• Phishing links and OTP fraud

• Impersonation scams

• Fraudulent trading and digital wallet schemes

Investigators said the network had a structured hierarchy, with different members handling account opening, fund transfers, SIM procurement, and cash withdrawals.

🏦 Banking Angle

Authorities are examining the role of the banks where the 15 accounts were opened. Officials said the accounts showed unusually high transaction volumes inconsistent with declared business activities.

The money was allegedly transferred in layers across multiple accounts before being withdrawn in cash or routed through other digital platforms to obscure its origin.

🚔 Arrests and Seizures

During coordinated raids across multiple locations, police:

• Arrested nine accused

• Seized mobile phones, laptops, SIM cards, cheque books, and ATM cards

• Froze several bank accounts linked to the fraud

Preliminary findings suggest the total transaction value linked to the racket is around ₹1,500 crore, though investigators believe the amount could increase as the probe continues.

⚖️ Legal Action

An FIR has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. The accused have been remanded to police custody for further interrogation.

Authorities are now working to identify additional beneficiaries and possible masterminds behind the operation. Officials have also urged citizens to remain cautious of suspicious investment offers and unsolicited online financial requests.

The investigation is ongoing, and more arrests are likely in the coming days.