Bengaluru, Three men have been arrested in connection with an alleged investment fraud racket involved in procuring mule bank accounts and facilitating the transfer of cyber-fraud proceeds through K-based applications, police said on Monday.
The investigation revealed that the accused procured current, corporate and trust bank accounts, net banking credentials and linked SIM cards from various persons by offering them commissions, according to a police statement. Based on the complaint, a case was registered under relevant sections of the IT Act and Section 318 of the Bharatiya Nyaya Sanhita , police said. Police said that further examination also revealed that the accused had used more than 51 K files to transfer cyber-fraud money. As per the statements of the accused, around ₹ 13 lakh of cyber-fraud proceeds were transferred through one bank account, while more than ₹ 38 lakh was transferred through another bank account, police said.
In return, the accused, bank account suppliers and other intermediaries allegedly received commissions, police said. The accused allegedly used Binance wallets to receive the proceeds of the crime and the Botim app for communication among themselves, police said.
During the investigation, the accused were apprehended at a hotel in Kasavanahalli in Bengaluru based on technical information, they said.
