Thane cybercrime cell, investigating an international syndicate supplying counterfeit SIM cards for share trading scams, uncovered that the suspects also employed extensive financial networks to move illicit funds. These funds were transferred to China and subsequently converted into cryptocurrency.
Investigators are disturbed by the precision and the well-orchestrated cartel managing the multi-crore dark trade online. A senior police officer involved in the investigation revealed that the scammers operated with two distinct teams: one focused on sourcing fake SIM cards and targeting victims, while the other handled the transfer of stolen funds. The latter team coerced victims into investing in trading scams and directed them to send money through bank accounts linked to the accused.
According to a report of TOI, this part of the financial trail emerged when police officials, during a search, uncovered six debit cards and cheque books linked to six bank accounts that were allegedly used by the accused. The police official informed, "Preliminary findings indicate the existence of an intricate network of bank accounts employed to funnel the money, even to China, through hawala networks. We are probing the financial trail which seems to be substantial in terms of transactions.