According to the police, Gumgaokar allegedly targeted women by promising to arrange hassle-free loans through cooperative societies and self-help groups. 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. AdvertisementThe racket came to light after victims discovered bank accounts and financial activities in their names that they had never authorised. The absconding accused, identified as Shubham, is suspected to have played a key role in operating the bank accounts and managing the financial transactions. They are also verifying whether additional women were similarly targeted and whether more bank accounts were opened using forged or misused documents.