Bagalkot: The Bagalkot CEN (Cyber, Economic Offences, and Narcotics) Police have busted a major syndicate that was defrauding the public of crores of rupees in the name of online trading. One accused has been arrested, leading to the shocking discovery of nearly 1,296 "Mule Accounts" used for illegal transactions.

Details of the Accused

The arrested individual has been identified as Prajwal Paranjape (25), a resident of Jamkhandi in Bagalkot district. Investigations revealed that he had swindled over ₹1 crore from various victims using multiple bank accounts. The police have seized a mobile phone and a debit card from his possession.

Modus Operandi: How the Scam Worked

Prajwal allegedly lured people by promising massive returns on investments in online trading.

Bank Account Misuse: The accused used an account at 'Ujjivan Small Finance Bank' to orchestrate the fraud.

₹1.20 Crore Swindled: Preliminary investigations show that approximately ₹1.20 crore was siphoned off through this single bank account alone.

Shocking Revelation During Investigation

As the Bagalkot CEN police delved deeper into the case, they uncovered a massive network. The discovery of 1,296 Mule Accounts across the district has stunned the investigators. (Mule accounts are bank accounts opened in the names of innocent individuals and then used by fraudsters to transfer and launder stolen money).

The accused has been remanded to judicial custody. The police are now conducting a high-level probe to identify and arrest other key players involved in this vast cyber-fraud syndicate.