JHARSUGUDA: In a major breakthrough, Jharsuguda police busted a well-organised interstate and cross-border cyber fraud racket that used mule bank accounts and crypto currency platforms to launder more than `14 crore and arrested six persons.
The operation exposed a structured syndicate that opened multiple bank accounts in the names of unsuspecting villagers, routed fraud money through layered transactions and converted it into crypto currency using peer-to-peer trading platforms such as Binance and Bybit .
Briefing mediapesons on Saturday, Jharsuguda SP GR Raghavendra said, police began investigation after data flagged suspicious accounts receiving large deposits from unknown sources followed by immediate withdrawals or transfers.
Technical tracking revealed links to Ghaziabad while enquiry showed that some account holders were also taken to Delhi, Ghaziabad and even Nepal to operate the accounts and collect commissions which indicated organised inter-state and possible cross-border linkages.
The arrested persons include Himanshu Shrivastav from Uttar Pradesh along with five others identified as Paramananda Das, Stifan Bastaraya, Tanoj Pradhan, Kedar Pradhan and Bhima Munda, all from under different police limits in Jharsuguda.
The racket functioned through a structured chain. Once a victim was duped, the cheated money was first transferred into mule bank accounts opened in the names of local individuals. The funds were then quickly moved across multiple accounts through RTGS and NEFT transactions to create layers and break the money trail.
After passing through these banking layers, the amount was converted into crypto currency and transferred into digital wallets. From there, the consolidated sum was redistributed within the network, with mule account holders receiving 0.8 per cent of the fraud amount and middlemen receiving small commissions of 0.2 per cent. The main operators retained control of the bulk of the fraudulent proceeds, the SP said.
“We have dismantled a major part of the syndicate and further investigation is underway to trace national and international links,” Raghavendra said.