MP's biggest online trading scam: 20,507 mule accounts used to launder Rs 21 crore; probe traces 12 transaction layers
Bhopal, Jul 13, 2026
The Rs 21.05 crore allegedly siphoned from a Gwalior-based chartered accountant in what is believed to be Madhya Pradesh's biggest online trading cyber fraud was routed through 20,507 mule bank accounts across the country, with investigators tracing the money through 12 layers of transactions in one of the largest money-laundering networks uncovered in a cybercrime investigation.
The State Cyber Cell has so far frozen Rs 1.92 crore through the banking system. Investigators said the funds were routed through thousands of current and mule accounts across several states, including Tamil Nadu, Kerala, Andhra Pradesh, Maharashtra and West Bengal, making it difficult to identify the final beneficiaries. Officials said more transaction layers are likely to be identified as the forensic audit progresses.
The investigation began with an FIR lodged by Ashok Vijayvargiya (70), a chartered accountant and chief election officer of the Gwalior Chamber of Commerce, who alleged that he was cheated of Rs 21,05,92,000 after being lured into investing in USDT (Tether) and Bitcoin (BTC) through a fake online trading platform.
According to the FIR, the fraud began in December 2025 when Vijayvargiya received a WhatsApp call from +91-8151931XX49. The caller introduced herself as Divya Singh, claiming to be an investment adviser capable of generating high returns through cryptocurrency trading. She later shifted the conversation to another WhatsApp number, +91-7092164XX31, and repeatedly explained the profits that could be earned through USDT trading.
She eventually shared a link to the website tradecboeus.cc/mobile, asking him to register on the platform using his mobile number. Soon after creating an account, he began receiving trading instructions. Another person, using a WhatsApp number with a US country code (+1-516-713-XX91), contacted him and guided him on investments.
The FIR states that Vijayvargiya made his first investment of Rs 1,00,001 on December 25, 2025, split into four transactions, using the bank account of his employee, Dinesh Bhatia. The amount was transferred through UPI to DEVENDRA3756@PTYPES.
On December 29, 2025, he made a second investment of Rs 1,00,001 through the bank account of his friend, Pankaj Chawla, transferring the money to mrsatifen5360@upi.
The trading portal soon began displaying profits. On January 7, 2026, Vijayvargiya successfully withdrew Rs 1,88,160 into his HDFC Bank account. Investigators believe this was deliberately allowed by the fraudsters to build his confidence and encourage larger investments.
The accused allegedly continued to persuade him to invest more, assuring him of higher profits. The FIR states that on December 31, 2025, Vijayvargiya transferred Rs 15 lakh through RTGS from his Union Bank account to a bank account specified by the accused. Over the following months, he continued transferring money through RTGS and other banking channels from four different bank accounts, while the online portal continued to display steadily rising profits.
According to the complaint, the total investments comprised Rs 15 lakh from his Union Bank account, Rs 6.69 crore from his HDFC Bank account, Rs 10.6692 crore from one ICICI Bank account, and Rs 3.55 crore from another ICICI Bank account. Together, the transfers totalled Rs 21,05,92,000.
When Vijayvargiya sought to withdraw the money, the fraudsters allegedly demanded Rs 10.84 crore as income tax before processing the payment.
According to the FIR, Vijayvargiya informed Divya Singh about the demand. She allegedly assured him that she would arrange Rs 5.34 crore, claiming she too had invested through the platform. Believing her, Vijayvargiya deposited another Rs 5 crore in multiple instalments into bank accounts specified by the fraudsters.
The fraudsters then told him that he could withdraw the money. Vijayvargiya placed a withdrawal request for Rs 33.25 crore, representing his principal investment and the profits shown on the trading portal.
Instead of releasing the funds, the accused allegedly refused the request, saying that any withdrawal exceeding Rs 1 crore had been categorised as "high risk" and required the deposit of an additional 0.2 million USDT as margin and security before the payment could be processed.
Only after discussing the matter with friends did Vijayvargiya realise that he had been cheated. He approached the State Cyber Cell with WhatsApp chats, screenshots of transactions, bank statements and details of beneficiary accounts into which the money had been transferred.
The FIR lists numerous beneficiary accounts across several banks, including Federal Bank, Central Bank of India, YES Bank, ICICI Bank, Bandhan Bank, Karur Vysya Bank, IndusInd Bank and Utkarsh Small Finance Bank, among others. Investigators believe these accounts were part of a vast mule account network used to layer and launder the proceeds of the crime.
Financial analysis by the Cyber Cell has revealed that the money moved rapidly through multiple layers. The first layer comprised 76 accounts, the second 493 accounts, the third 12,720 accounts, and the fourth 7,218 accounts. Together, these four stages account for 20,507 identified mule accounts, while investigators have traced the transactions through 12 layers in total.
"The fraudsters used current accounts and mule accounts across the country to launder the money. So far, we have identified 12 layers of transactions and frozen Rs 1.92 crore. The investigation is continuing, and more linked accounts are likely to be identified," a police officer said.
Officials are now coordinating with banks and financial intelligence agencies across states to identify the operators of the mule accounts, trace the ultimate beneficiaries and recover the remaining money.
Investigators suspect the fraud was orchestrated by an organised interstate cybercrime syndicate operating fake cryptocurrency and online trading platforms.
[The Times of India]
