A Delhi mule accounts investigation has led to six arrests over an alleged network that received nearly Rs 7.3 crore in suspected cybercrime proceeds. As of October 24, 2026, police had identified around 37 suspected accounts linked to 99 complaints across India and were investigating two private-bank branch managers, one of whom remained at large.
Key Takeaways
- Police allege labourers’ identity documents were collected through promises of loans and misused to open accounts.
- One branch manager and four sales staff were arrested alongside the suspected network operator.
- Investigators are examining suspected USDT transfers and a possible connection with a Chinese national.
Table of Contents
- How the Delhi mule accounts investigation began
- Bank employees face account-opening allegations
- Why customer checks matter for mule accounts
- Police trace funds and examine cryptocurrency links
- Conclusion
How the Delhi mule accounts investigation began
Police began examining suspicious accounts at an unnamed private bank’s Tri Nagar branch. Investigators said some account holders had never visited the branch and several recorded addresses could not be verified. Further scrutiny identified 17 additional suspicious accounts.
An analysis of linked mobile numbers, email addresses and devices led investigators to Mayank Kapoor, who was arrested in Baba Haridas Nagar. Police suspect he operated the network.
During questioning, Kapoor allegedly said he obtained identity documents and photographs from daily-wage labourers by promising to help them secure loans. Investigators suspect those documents were used to open accounts without the individuals knowing how the accounts would be used.
| Item | Details |
|---|---|
| Electronic devices seized | Seven mobile phones and one laptop |
| Identity documents seized | 63 Aadhaar cards and 60 PAN cards |
| Banking materials seized | Seven cheque books and seven debit cards |
| Other recoveries | Rs 60,000 cash, around 150 grams of gold, 55 passport-size photographs and 11 SIM cards |
Bank employees face account-opening allegations
Shobhit Aggarwal, manager of the bank’s Saraswati Vihar branch, is accused of facilitating account openings without account holders being physically present and of using forged signatures. Police allege he introduced Kapoor to Sushant Kumar, manager of the Tri Nagar branch, extending the operation across both branches.
Four sales employees—Manoj, Ankur, Fatma and Pankaj—are accused of processing accounts allegedly approved by the managers. Aggarwal and the four employees were arrested, bringing the total arrests, including Kapoor, to six. Kumar remained at large.
Investigators also allege that photographs and Know Your Customer documents for several accounts were not collected through the required live-verification process. Some addresses recorded in the bank documents were allegedly non-existent.
Why customer checks matter for mule accounts
The allegations concern both the movement of suspected fraud proceeds and the controls used to establish customers’ identities. They do not establish that the labourers whose documents were used knowingly participated in the network.
The Reserve Bank of India’s guidance on money mule accounts explains that people whose accounts route fraud proceeds may be innocent or complicit. The December 7, 2010 circular advises banks to follow customer-identification requirements, update customer information and monitor transactions. It provides background on these risks, rather than findings about this investigation.
Police trace funds and examine cryptocurrency links
Police suspect a portion of the money credited to the accounts was shared with bank officials, while the remaining proceeds were converted into USDT, a cryptocurrency linked to the US dollar, through Trust Wallet. Those transactions remain under investigation.
Investigators are also examining whether a Chinese national had any connection with the network. That possible link has not been established. Police seized identity documents, banking materials, electronic devices, cash and gold during the investigation.
Conclusion
The Delhi mule accounts investigation remains focused on the alleged role of bank employees, the movement of suspected cybercrime proceeds and the possible cryptocurrency connections. Those unresolved questions—not the arrests alone—will determine the network’s established scope.
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