Two held in investment fraud, police say 20 mule accounts had transactions worth Rs 32 lakh

Kolhapur: The Kolhapur cyber police have arrested two of the 10 accused allegedly involved in operating 20 mule bank accounts used to siphon off money from victims of an investment fraud.

The police identified the arrested as Sagar Dhananjay Bhandari from Vita in Sangli district and Aniket Dhondiram Kumbhar from Shinganapur in Karvir taluka of Kolhapur district. Inspector Sanjay Harugade of the Kolhapur Cyber police station said, “The accused lured economically weaker individuals into opening bank accounts by paying them between Rs 2,000 and Rs 10,000. The fraudsters then collected complete banking kits from these account holders, which included account details, passwords and PIN numbers, enabling them to operate the accounts remotely.”

The money obtained through fraudulent investment schemes was deposited into these mule accounts and later diverted into digital currencies or other channels for personal gains. “Our investigation into 20 such mule accounts revealed transactions amounting to Rs 32 lakh,” Harugade said.

A case has been registered at the Shahupuri police station. The police have urged citizens not to allow their bank accounts to be used for illegal activities, warning that account holders may also face legal scrutiny if found involved.