Stories
Three Arrested in Bengaluru for Investment Fraud Using Mule Bank Accounts
- •Three individuals, Amit Mishra, Tausif Ahmed, and Parashuram Sadanand Kannannavar, were arrested in Bengaluru for an alleged investment fraud racket.
- •The accused facilitated the transfer of cyber-fraud proceeds using mule bank accounts and APK-based applications, defrauding a complainant of Rs 93.58 lakh.
- •They procured bank accounts, net banking credentials, and linked SIM cards, installing malicious APKs like 'ZNPAY' to remotely operate accounts and forward OTPs to fraudsters.
- •Investigation revealed over 507 mule bank accounts and 51 APK files used to transfer cyber-fraud money, with cases registered across multiple states.
- •The network used Binance wallets for proceeds and Botim for communication, with technical analysis suggesting potential foreign IP involvement from Kolkata, Hong Kong, and California.
Key Questions Answered
The suspects procured over 507 current, corporate, and trust mule bank accounts, net banking credentials, and linked SIM cards from individuals. They accommodated account holders in hotels, installed the 'ZNPAY' application and SMS-forwarding malicious APKs to forward banking OTPs to cyber fraudsters, enabling them to remotely operate accounts and transfer fraud proceeds.
The arrests followed a complaint filed on April 29, 2026, by a Bengaluru resident who was tricked into investing Rs 93.58 lakh through a WhatsApp group named “EL Investment Strategies Discussion” after clicking an unsolicited link. The suspects were subsequently apprehended at a hotel in Kasavanahalli based on technical information and analysis.
The cyber-fraud network used the Botim app for communication among themselves and Binance wallets to receive the proceeds of their crimes, while exchanging bank account details via WhatsApp and Telegram with intermediaries.
