Excelsior Correspondent
Srinagar, Jan 7: In a major offensive against organised cybercrime and its alleged links to terror financing, Counter Intelligence Kashmir (CIK) today detained 22 persons in massive raids conducted at 22 places across Kashmir targeting a sophisticated network involved in operating mule bank accounts to launder proceeds of cyber frauds, illegal online gaming and betting rackets.
Follow the Daily Excelsior channel on WhatsApp
The CIK today conducted simultaneous searches at 22 locations – 17 locations in district Srinagar, 3 in district Budgam, one each in Shopian and Kulgam districts. “During the searches, they seized substantial incriminating material, including digital devices and financial records critical to the investigation”, the CIK said in a statement.
Click here to watch video
The CIK sleuths detained 22 persons for questioning during the operation to establish their precise roles and linkages with cyber frauds, illegal online gaming, betting platforms and suspicious financial transactions.
“The investigation is at a nascent stage, and the evidence collected is expected to open floodgates in identifying a much wider network, both within Jammu and Kashmir and across other parts of the country”, the statement added.
The CIK statement said that the offensive was launched across the Valley and it targeted a sophisticated network involved in operating mule bank accounts to launder proceeds of cyber frauds, illegal online gaming and betting rackets.
The CIK statement said that these raids were conducted in a decisive blow to organised cybercrime and its sinister linkage with terror financing.
“Acting on credible and specific intelligence inputs, FIR No. 06/2025 under Sections 66 (C) and 66 (D) of the Information Technology Act, 2000; Sections 303, 308, 314, 316 (2), 318 (4), 336 (3), 340 (2) and 61 (2) of the Bharatiya Nyaya Sanhita, 2023, and Section 13 of the Unlawful Activities (Prevention) Act, 1967 has been registered at Police Station Counter Intelligence Kashmir, unveiling a sophisticated and well-entrenched financial crime syndicate that posed a serious threat to national economic security and digital safety,” the statement said.
“Investigations so far have exposed a carefully orchestrated conspiracy in which accused persons, in active connivance with local and outside operatives, exploited bank accounts of innocent, vulnerable and economically weak individuals, converting them into mule accounts,” the statement read.
“These accounts were used as temporary conduits to route massive volumes of illicit money generated from: Cyber frauds and online scams, Banned online gaming and betting platforms, Fake investment and trading applications.
“Alarmingly, the illegally generated funds are suspected to have been channelled further into terror financing and other activities prejudicial to the sovereignty and integrity of the nation”, the statement said.
It added that the syndicate functioned through gross violations of banking norms, abuse of KYC procedures, registration of non-existing business establishments on UDHAYAM portal subsequently used for opening of accounts, allotment of Virtual Account Numbers, identity theft, impersonation, and complex money-laundering techniques, deliberately designed to mask the origin and destination of criminal proceeds.
The CIK said that it reaffirms its unwavering resolve to dismantle organised criminal syndicates, choke their financial pipelines, and act firmly against all economic offences and activities that endanger national security.
“Those who misuse banking systems whether knowingly or unknowingly will face strict legal consequences,” it read.
“The public is urged to remain vigilant, safeguard their financial credentials, and report any suspicious offers or transactions to the authorities. Crime in cyberspace is not victimless; it fuels organised crime and terror. CIK stands resolute in protecting the nation’s financial and digital integrity,” the statement further said.
Follow our WhatsApp channel
