Srinagar (Jammu and Kashmir) [India], January 7 (ANI): In a significant operation targeting organised cybercrime, Counter Intelligence Kashmir (CIK) on Wednesday carried out raids across the valley against a syndicate allegedly running mule bank accounts to launder proceeds from cyber fraud, illegal online gaming, betting rackets, and other unlawful activities.
Acting on “credible and specific intelligence inputs,” CIK registered an FIR under the Information Technology Act, 2000, the Bharatiya Nyaya Sanhita, 2023, and the Unlawful Activities (Prevention) Act, 1967. Officials described the network as a “sophisticated and well-entrenched financial crime syndicate” posing a serious threat to national economic security and digital safety.
Investigations revealed that the accused exploited bank accounts of vulnerable individuals, turning them into mule accounts used to route illicit money. Officials said the funds were suspected to have been further channelled into terror financing. The syndicate allegedly violated banking norms and abused KYC procedures, including identity theft, registration of fake businesses, and complex money-laundering techniques to conceal criminal proceeds.
Officials explained that mule accounts serve as conduits in cyber-enabled crimes, facilitating money laundering while keeping masterminds hidden. Fraudsters often target victims through calls, SMS, social media, or advertisements, impersonating officials or recruiters to gain access to banking credentials and trick victims into transferring money.
The preliminary probe identified 22 suspects in the Kashmir Division. Simultaneous searches at 22 locations—including 17 in Srinagar, three in Budgam, and one each in Shopian and Kulgam—led to the seizure of digital devices and financial records. All 22 individuals have been detained for questioning to determine their roles and links to cyber fraud, illegal gaming, and suspicious financial transactions.
Officials noted that the investigation is at an early stage, with the evidence expected to uncover a much broader network operating within Jammu and Kashmir and beyond.
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