Mumbai Police’s Crime Branch has busted a cyber-fraud network allegedly involving the use of 2898 SIM cards and multiple bank accounts, with three men arrested in connection with the racket. A preliminary investigation has found that the accused — Islamuddin Salimuddin Sheikh, 44, Abdul Razzaq Rauf, 42, and Yasir Nasiruddin Sheikh, 26 — allegedly routed around Rs 24 crore through just 10 bank accounts, police said on Friday.

Investigators are now examining the financial and technical trail to identify the beneficiaries of the transactions, and establish whether the arrested trio was part of a larger cyber-fraud network.