Hyderabad: The metropolis cybercrime police arrested 52 individuals, together with 32 financial institution officers, for allegedly facilitating a pan-India cyber fraud community by mule accounts to siphon off victims’ cash throughout Telangana, Andhra Pradesh, Karnataka, Maharashtra, West Bengal, Bihar, Delhi, Rajasthan, and Gujarat.
According to police commissioner V.C. Sajjanar, Operation Octopus 2.0 was launched to dismantle organised cyber fraud networks involving financial institution officers. “There has been a significant rise in investment scams, trading frauds, and “digital arrest” scams, whereby fraudsters exploit victims by manipulation, intimidation, and emotional coercion, resulting in substantial monetary losses,” he mentioned.
The operation was carried out throughout 9 states by 16 particular groups over seven days. The accused embody financial institution workers comparable to relationship managers, KYC approvers, probationary officers, clerks and discipline officers from a number of banks, who allegedly colluded with fraudsters to allow the creation of mule accounts, police mentioned.
The arrested officers are from a number of banks situated throughout the states.Investigators mentioned 15 account holders knowingly allowed their accounts for use for laundering illicit funds, whereas 5 middlemen allegedly procured such accounts and routed cash to masterminds behind the frauds.
Through an intensive investigation, the commissioner mentioned the cybercrime police station (CCPS), Hyderabad, uncovered a nexus of 350 financial institution accounts used to siphon off victims’ funds linked to 850 instances throughout India, involving transactions amounting to almost Rs 150 crore.
The frauds embody funding scams, buying and selling frauds and “digital arrest” scams, the place victims had been manipulated and coerced into transferring cash. During the operation, police seized 26 cell phones, 14 cheque books, storage gadgets, laptops and different supplies used within the offences.
Cybercrimes DCP V. Aravind Babu mentioned ACP R.G. Siva Maruthi and employees carried out with tactical precision {and professional} competence.
According to officers, the arrests level to insider complicity inside banks, significantly lapses in KYC verification that enabled the misuse of accounts for cyber fraud. Police mentioned additional motion might be taken towards the accused as per regulation, and efforts are ongoing to establish higher-level operatives within the community.
