Rs 4.72 Crore Bitcoin Fraud: Is It a Crime to Give Your Bank Account to Strangers? What the Law Says

What happened?

Haryana Police have arrested two men from Kunwari village in Hisar. This is according to reports by UNI, Amar Ujala and The420 on 1 and 2 October 2026.

Police say they were arrested on 30 September. They are accused of giving a bank account to a cyber fraud gang.

The gang allegedly cheated a Gurugram man of about Rs 4.72 crore. They contacted him on Telegram and WhatsApp in January 2026. They posed as officials of a trading company.

They told him he would earn big profits from Bitcoin and USDT (a digital coin). A fake website showed him fake profits.

He then paid money into many bank accounts. When he tried to take his money out, the site asked for another Rs 1.25 crore. The two men are accused, not convicted.

Is lending your bank account a crime?

It can be. Fraudsters need bank accounts to receive the stolen money.

They often pay ordinary people a small commission to use their accounts. Police call these ‘mule accounts’.

The reports do not say which sections are in the FIR. So here is what the law says about acts like these. Only a court can decide if a crime was committed.

• Cheating (BNS section 318(4)). Lying to a person to make him hand over money.
• Criminal conspiracy (BNS section 61(2)). Two or more people agreeing to commit a crime.
• Stolen property (BNS section 317(2)). Money got by cheating is ‘stolen property’. Knowingly keeping it is an offence.

If the fraud used a fake identity online, the IT Act section 66D (cheating by pretending to be someone else, using a computer) can also apply.

What is the punishment? Can they get bail?

Cheating under section 318(4) can mean up to 7 years in jail and a fine. It is cognizable (police can arrest without a court’s permission). It is also non-bailable.

Receiving stolen property under 317(2) can mean up to 3 years, or a fine, or both. It is also cognizable and non-bailable.

Non-bailable does not mean ‘no bail’. It means bail is not a right. A court decides it, looking at the facts of each person.

Can the victim get the money back?

Sometimes, if he acts fast. Police and banks can freeze (block) an account while they trace the money. In this case, police say they are tracing the route of the Rs 4.72 crore through many accounts.

The law also lets police ask a court to attach (seize) money that came from a crime (BNSS section 107). The court can then share it among the victims.

This takes time. The first hours matter most. Report on 1930 or cybercrime.gov.in as soon as you find out.

What should you do if someone offers money for your account?

Say no. Do not give your account, ATM card, passbook, SIM or net-banking details to anyone, for any reason.

Do not think ‘it is only a small favour’. The account in your name is the trail that police follow. They reached the two accused in this case through the banking trail, the reports say.