Nagpur: In a major breakthrough, the Nagpur Police have unearthed an alleged financial fraud racket in which women were lured with promises of easy loans and their personal documents were allegedly misused to open bank accounts that handled transactions worth Rs 7.68 crore. The Tehsil Police have arrested the alleged kingpin, Manda Gumgaokar, while her alleged accomplice, Shubham, remains on the run.
According to the police, Gumgaokar allegedly targeted women by promising to arrange hassle-free loans through cooperative societies and self-help groups. As part of the process, she collected Rs 2,000 from each applicant, along with copies of their Aadhaar card, PAN card and other identity documents.
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Investigators said that instead of processing loan applications, the accused allegedly used the documents to open bank accounts in the women’s names at SVC Cooperative Bank without their knowledge or informed consent.
Police investigations have revealed that these accounts witnessed financial transactions amounting to nearly Rs 7.68 crore, raising strong suspicions that they were used as “mule accounts” to channel proceeds from cyber frauds committed across different locations.
The racket came to light after victims discovered bank accounts and financial activities in their names that they had never authorised. During the investigation, police found that nearly 39 women had allegedly been duped through the same modus operandi.
In a related development, investigators also found that a woman from the Shantinagar area had an account fraudulently opened in her name, through which transactions worth approximately Rs 17.85 lakh were carried out without her knowledge.
Following a joint investigation by Tehsil and Shantinagar Police, Gumgaokar was arrested and produced before a local court, which remanded her to four days of police custody for further interrogation.
Police believe the fraudulent accounts may have served as conduits for transferring and layering money generated through cybercrime, making the case significantly more serious than a simple loan fraud.
The absconding accused, identified as Shubham, is suspected to have played a key role in operating the bank accounts and managing the financial transactions. Multiple teams have been formed to trace and arrest him.
Investigators are now examining the money trail, the beneficiaries of the transactions, and possible links to organised cybercrime syndicates operating beyond Nagpur. They are also verifying whether additional women were similarly targeted and whether more bank accounts were opened using forged or misused documents.
Police officials said the investigation is being expanded to identify the full network behind the racket, trace the source and destination of the funds, and determine whether the accused were working in coordination with cyber fraud operators in other states.
The case has once again highlighted the growing misuse of personal identity documents in cyber-enabled financial crimes, prompting police to urge citizens not to hand over Aadhaar, PAN or other sensitive documents to individuals or organisations without proper verification.
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