Alwar, Rajasthan, September 29, 2025 – Rajasthan Police have dismantled a sprawling cyber fraud operation in Alwar that allegedly laundered more than ₹500 crore through “mule accounts,” with five key arrests made over the weekend, including four employees of Axis Bank. Authorities say the scheme was instrumental in enabling cybercriminals to siphon illicit money from online scams, gaming platforms, and crypto transactions.
How the Racket Operated
Investigators report that the network primarily sold fake current and corporate accounts to fraudsters via WhatsApp and Telegram groups. Accounts were opened using forged documents, then linked to new phone numbers and APK files, giving cybercriminals direct access to internet banking.
Police say these accounts acted as temporary pipelines for stolen money, making it extremely difficult to trace the original perpetrators. “Mule accounts are the lifeblood of organized cybercrime,” said Superintendent of Police Sudheer Choudhary. “With insiders allegedly facilitating account creation, this was a large-scale, highly sophisticated operation.”
vidence Seized
During coordinated raids, police recovered:
- 26 ATM cards
- 33 mobile phones
- 34 SIM cards
- ₹2.5 lakh in cash
- Cheque books, passbooks, and two vehicles
Authorities allege that hundreds of accounts were sold to criminals across India, fueling multiple scams and laundering millions of rupees.
The Arrests
Among the five individuals arrested over the weekend:
- Varun Patwa (40) – Udaipur native now living in Gurugram
- Satish Kumar Jat (35) – From Hisar, Haryana
- Sahil Agarwal (33) – Axis Bank employee
- Gulshan Punjabi (33) – Axis Bank employee
- Asu Sharma (23) – Axis Bank employee
- Anchal Jat (24) – Axis Bank employee
Police allege the bank employees were responsible for opening fake accounts with forged documents and transferring them to middlemen, who then sold them to cybercriminals.
Scale of the Fraud
Investigators say this was not a small-time operation:
- Over 4,000 complaints linked to these accounts are recorded on the National Cybercrime Reporting Portal (NCRP).
- Frauds worth over ₹100 crore have been traced directly to this racket.
“Cybercriminals exploited the accounts to move illicit funds from online betting, gaming scams, and cryptocurrency transactions,” Choudhary said.
Expert View
Prof. Triveni Singh, former IPS officer and cybercrime expert, described the case as indicative of a broader vulnerability in India’s banking system:
“When insiders collude with criminals, the potential for large-scale fraud multiplies exponentially. Mule accounts are especially dangerous because they are used to move money anonymously, often across multiple accounts, leaving investigators chasing trails instead of the perpetrators themselves.”
Prof. Singh added that robust real-time monitoring, multi-level approvals, and forensic audits are essential to prevent similar large-scale cyber frauds.
Next Steps
Rajasthan Police have registered formal charges under sections pertaining to criminal breach of trust, cheating, and cyber fraud. Further investigations are ongoing to identify additional accomplices and trace the full extent of the money laundering network. Authorities also warned banks to strengthen internal verification processes and vigilantly monitor suspicious account activity.
