Background and Timeline: The Cyber Centre of Excellence (CCoE) announced a historic enforcement milestone on Thursday, February 5, 2026, following a coordinated interstate drive. Acting on a high-priority tip-off, a team led by Detective Inspector B. M. Choudhary conducted a precision raid in Surat. The operation uncovered an extensive network that had been managing the financial logistics for dozens of diverse cybercrime categories across India.
Modus Operandi: The syndicate operated a “Mule-as-a-Service” (MaaS) infrastructure, utilizing 80 separate bank accounts to process and layer illicit funds. They received proceeds from various scams, including digital arrests and investment frauds, and used a high-tech withdrawal method via “Forex pre-paid cards” in Dubai. This tactic allowed the gang to bypass domestic cash-out monitoring systems and convert stolen digital funds into hard currency outside of Indian jurisdiction.
Victims and Financial Impact: The investigation found a staggering total of 1,535 complaints registered against the 80 bank accounts managed by this single syndicate. These complaints originated from victims in 25 different states and 3 Union Territories, involving a total transaction value of exactly ₹930 crore. The highest volume of complaints was recorded in Gujarat (264), Maharashtra (215), Karnataka (156), and Tamil Nadu (106), highlighting the pan-India devastation.
Investigation and Agencies Involved: The Cyber Centre of Excellence coordinated the multi-state audit, utilizing advanced data analytics to link the 1,535 independent NCRP complaints to a common node. The investigation required intensive collaboration between police units in Surat and Thane to track the “Shadow Banking” trail. Technical forensics are currently analyzing the “Forex card” logs to determine the ultimate destination of the ₹930 crore in the international financial system.
Arrests and Suspects: Five key suspects have been arrested: Abdul Hafeez Panwala, Mushtaq Abdul Khalid Khanani, and Gagji Manji Rajput from Gujarat, along with Shabbir Mohammad Hanif Bhadela and Mohammad Taha Shabbir Bhadela from Thane. These individuals were identified as the primary facilitators responsible for procuring and managing the “mule” bank accounts for the syndicate. All suspects have been remanded to custody as the probe expands to identify the Dubai-based kingpins.
Broader Implications and Trends: The sheer scale of ₹930 crore from just 80 accounts reveals the “Industrial Efficiency” of modern mule aggregators. It demonstrates the transition toward using international prepaid instruments to evade the heightened scrutiny placed on domestic bank transfers. Authorities have warned that “renting” a bank account is not a harmless side-gig but a critical component of organized crime that can lead to life imprisonment.