The Mumbai SIM Fraud investigation has widened after police intensified scrutiny into alleged financial operations linked to Daksh Agarwal, accused of masterminding a VIP SIM-related fraud network. Investigators reportedly identified more than 20 bank accounts connected to the accused, including accounts with customised “VIP” numbers and suspicious transactions exceeding ₹20 lakh. Authorities are now examining potential hawala links, forged documentation, and possible collaboration with informal financial operators and insiders within banking institutions. The case, initially linked to fraudulent SIM transfers, has evolved into a broader probe concerning identity fraud, money laundering allegations, and inter-state financial transactions.

Mumbai SIM Fraud Mastermind Daksh Agarwal Under Investigation for Money Laundering

Police extend custody of alleged VIP SIM fraud operator Daksh Agarwal as probe uncovers a sophisticated inter-state financial network involving forged documents, VIP accounts, and high-value transactions.

Alleged Financial Network Uncovered

Mumbai police sources revealed that investigators have identified over 20 bank accounts linked to Daksh Agarwal, several carrying customized or “VIP” numbers. Suspicious transactions exceeding Rs 20 lakh have been detected, raising concerns of organized money laundering and illicit fund routing across multiple channels.

Possible Collaboration With Angadias and Informal Operators

Investigators suspect Agarwal did not operate alone. The accused may have coordinated with angadias, informal financial operators, and intermediaries to expedite large-value money transfers across states. The network allegedly facilitated high-value VIP number deals, forged documents, impersonation scams, and other fraudulent operations.

Banking Oversight and Insider Assistance

Police are examining whether Agarwal received assistance from insiders within financial institutions. Authorities are probing how a single individual reportedly opened and operated over 20 accounts in reputed banks without triggering alerts, despite repeated high-value and unusual transactions. Banking procedures and compliance protocols are under strict scrutiny.

Expanded Scope Beyond SIM Fraud

Initially reported as a VIP SIM card fraud, the case now indicates a sophisticated inter-state identity and financial fraud syndicate. Investigators are tracing money trails, hawala links, and additional beneficiaries to determine the full extent of operations allegedly orchestrated by Daksh Agarwal.

Case Background and Prior Arrests

The investigation began after a Mumbai-based businessman, CEO of a stainless steel and carbon steel trading company, discovered his VIP number had been fraudulently transferred. Following a complaint at the DB Marg Police Station in 2024, police arrested businessman Dipesh Tiwari, allegedly possessing the VIP SIM valued at Rs 37 lakh.

Subsequent investigation led to the arrest of Shamim Akram Khan, an employee allegedly linked to the telecom verification process, who allegedly facilitated the transfer and OTP verification using forged documents. During interrogation, the involvement of Daksh Agarwal emerged as the mastermind.

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Evasion and Arrest of Daksh Agarwal

Agarwal allegedly evaded police by frequently changing locations, moving across Bengaluru and other cities, and communicating via international SIM cards. Investigators tracked communication patterns to a Sri Lankan SIM card, ultimately leading to his arrest in Ahmedabad and transfer to Mumbai.

Legal Proceedings and Next Steps

Authorities filed an extended police custody request to trace illicit funds, identify additional beneficiaries, and examine links with informal financial operators. The probe may implicate multiple individuals in VIP SIM trafficking, identity forgery, and financial fraud across Maharashtra, Gujarat, and other states.

Individuals and Entities Mentioned

• Daksh Agarwal – Alleged mastermind, VIP SIM fraud
• Dipesh Tiwari – Businessman arrested for possession of VIP SIM
• Shamim Akram Khan – Employee allegedly facilitating SIM transfer and OTP verification
• DB Marg Police Station – Investigation initiation site
• Mumbai Police – Lead investigative authority
•  Businessman victim – CEO, stainless steel and carbon steel trading company

Sprouts News continues to monitor the investigation, ensuring accurate, legally compliant reporting while maintaining transparency, accountability, and protection of investor interests and public confidence.

For verified tips, information, or leads regarding the ongoing VIP SIM fraud and money laundering investigation, contact investigative journalist Unmesh Gujarathi at 9322755098. Your contribution, provided confidentially, supports transparency, accountability, and responsible reporting, helping authorities trace illicit funds, uncover accomplices, and ensure accurate, legally compliant coverage by Sprouts News.

Editorial Note:

This article is based on publicly available FIR records, court case references, and reports published by multiple media organisations. The information is presented in the context of ongoing investigations and public interest reporting. Sprouts News does not make any judicial determination regarding the individuals mentioned and does not intend to defame any person or organisation. Any individual seeking clarification or wishing to provide an official response may contact the editorial team with verifiable documentation. The information is presented for journalistic and informational purposes.