Hyderabad: The Telangana Cyber Security Bureau has made significant strides in cracking down on a massive Rs 175 crore cyber fraud operation. On Saturday, two individuals were arrested in Hyderabad for their alleged involvement in the scam, which saw transactions related to cyber fraud channeled through six bank accounts.
The arrests were made following a thorough investigation by the Cyber Security Bureau’s data analysis team, which had flagged numerous complaints reported on the National Cybercrime Reporting Portal (NCRP) regarding suspicious activity in six bank accounts at a Shamsheergunj-based bank. Upon meticulous examination, it was discovered that within just two months—March and April 2024—an enormous sum of money was funneled through these accounts.
A case was promptly registered at the Cyber Crime Police Station, Headquarters, Hyderabad, under Cr. No. 28/2024, invoking Section 66D of the IT Act, along with Sections 318(4), 319(2), and 338 of the BNS Act.
K. V. M. Prasad, DSP of the Cyber Security Bureau, highlighted that the investigation revealed a large-scale cyber fraud operation, with approximately 600 complaints linked to the suspect accounts at the State Bank of India’s Shamsheergunj branch. The investigation uncovered that the main orchestrator, operating from Dubai, along with five associates, had been involved in exploiting vulnerable individuals by convincing them to open bank accounts. These accounts were then used in cybercrimes and hawala operations, with the perpetrators earning commissions.
Shoeb, a key figure in the operation, was instrumental in opening these accounts and preparing the necessary documents. The signatures of account holders were obtained on cheques, which were kept under the control of one of the fraudster’s associates. Some of the illicit money was even transferred to Dubai through cryptocurrency. The remaining funds were withdrawn according to the mastermind’s instructions and distributed through various agents.
In February 2024, Shoeb and his associates persuaded several poor individuals to open six current accounts at the SBI Shamsheergunj branch, offering them commissions in return. By March and April, these accounts had been used for transactions amounting to approximately Rs 175 crores. The investigation is ongoing, with authorities actively searching for the remaining culprits involved in the scam.
Shoeb, hailing from Masab Tank, and Mahmood Bin Ahmed Bawazir, a resident of Moghalpura, have been identified as key suspects.
The public is strongly advised against opening bank accounts for others or engaging in any suspicious financial activities. Those who have already opened mule accounts are urged to report the matter immediately to 1930 or cybercrime.gov.in. It is crucial to verify the identity and credentials of anyone requesting the opening of a bank account and to regularly monitor account activity to prevent becoming an unwitting accomplice in such frauds.
