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A big cyber fraud case was discovered in the Ramnagar Kotwali area in Nainital Uttarakhand. Police investigations have uncovered 35 suspicious bank accounts at the Punjab and Sind Bank branch in Pirumdara. A total of 129 cybercrime complaints have been filed against these accounts on the National Cybercrime Reporting Portal (NCRP) from various states across the country.
The police have registered an FIR in the matter based on a complaint by Sub-Inspector Lalit Kumar Pandey of the Ramnagar police station. The FIR was filed on August 26, 2026, at the Ramnagar police station. The case has been registered under Section 318(4) of the Indian Penal Code (IPC).
According to the police complaint, an investigation report from the Cyber Cell, Nainital, found 35 accounts operated at the Pirumdara branch of the Punjab and Sindh Bank to be suspicious. The investigation revealed that cybercrime complaints related to these accounts had been filed in various states.
One account listed was found to be operated in the name of Vivek Rawat, proprietor of Vivek Enterprises, a resident of Gangapur Pahadi, Pirumdara, Ramnagar. A Cyber Cell investigation revealed 11 cyber complaints filed against this account in various states.
Police suspect that this account may have been used as a mule account to transfer money obtained through cyber fraud. Mule accounts are bank accounts used to transfer fraudulent or illegally obtained money from one account to another.
Stolen money from various online scams across India was instantly routed into these 35 accounts at Pirumadara. Once deposited, the money was quickly liquidated via local ATMs or withdrawn using self-cheques before the victims could report the fraud and freeze the funds.
The investigation also revealed that most of these 35 suspicious accounts were opened between 2025 and 2026. Police is also investigating the role of the bank manager and employees.
The FIR also calls for an investigation at the bank level. According to police documents, the role and possible involvement of the bank manager and related employees who were posted at the branch when these accounts were opened also needs to be investigated.
Police may also review the procedures followed during account opening, KYC documents, and the investigation conducted at the bank’s level. Ramnagar Police Station In-Charge Sushil Kumar confirmed that the role of the bank manager and branch employees is under active investigation.
Detectives are auditing whether bank employees deliberately bypassed standard Know Your Customer (KYC) mandates. They are verifying if the accounts were opened using fake identity proofs, forged rent agreements, or unverified physical addresses, pointing to potential internal collusion.
The case highlights how bank accounts can allegedly be used to receive and move money obtained through cyber fraud committed against victims in different parts of India. However, being linked to a complaint does not automatically prove that an account holder or bank employee knowingly participated in fraud. Police are investigating the individual roles and the circumstances surrounding these accounts.
Bank Targets need to be modified
Some Bank Employees said that the number of mule accounts is increasing due to targets to open more and more accounts. It has also been observed that bank employees are opening accounts without visiting the customer’s residence. Mule accounts can be reduced significantly if banks change the way account-opening targets are implemented and strengthen verification at the time of opening. If employees face pressure to meet targets, there is a risk that the focus shifts from genuine customers and proper KYC checks to simply increasing the number of accounts.
However, not every account opened to meet a target becomes a mule account, and not every mule account results from poor KYC. Some accounts are opened using genuine documents but are later handed over to fraudsters or misused without the account holder’s knowledge. The solution is to combine realistic business targets, stronger verification and transaction monitoring rather than putting the entire responsibility on branch staff.
