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Srinagar, February 15, 2026 — Security agencies have dismantled a sprawling network of nearly 8,000 suspected mule bank accounts operating across Jammu and Kashmir, describing it as a critical financial channel allegedly exploited by international scam syndicates.
Officials said the accounts were opened using forged or misused identity documents and were used to move and layer illicit funds across multiple banks and districts. Transactions were structured in small amounts to bypass automated alerts, enabling rapid transfers and withdrawals.
The crackdown followed months of coordinated surveillance and forensic tracking of unusual transaction patterns. Banking institutions assisted investigators in freezing suspicious accounts, while digital records, account opening forms, linked mobile numbers, and transaction trails are now under detailed review.
Several account holders and facilitators have been detained for questioning, with more detentions expected as the probe expands into connected networks and intermediaries. Authorities expressed concern that portions of the routed funds may have been diverted toward activities harmful to national security.
Financial intelligence teams are mapping cross-border links and beneficiary chains to determine the final destinations of the money flows. Officials confirmed that stricter verification drives and enhanced monitoring systems are being implemented to prevent further misuse of banking channels.
