Hyderabad: Two arrested for alleged 175 crore cyber fraud

The cyber crime police cautioned people not to open a bank account for someone else or engage in suspicious transactions. If you have already opened a mule account, report it to 1930 or cybercrime.gov.in.

Hyderabad: Cyber fraudsters are now luring the hapless poor of Old City to open bank accounts and use their accounts to commit cyber frauds by taking-up high value transactions and hawala operations. In the process, the fraudsters are collecting commissions for illegal transactions, done through the bank accounts of the poor.

The operation came to light when two men Mohammed Shoeb Tauqeer of Masab Tank and Mahmood Bin Ahmed Bawazir of Moghalpura were arrested for their alleged involvement in Rs. 175 crore cyber fraud by the Telangana Cyber Security Bureau (TGCSB) on Sunday.

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The data analysis of team TGCSB spotted numerous complaints that were reported on the National Cyber Reporting Portal (NCRP) against six specific bank accounts in SBI, Shamsheergunj. Thorough verification revealed that many transactions of high amounts were done through these accounts within a short period in March and April 2024, Director, TGCSB, Shikha Goel said.

Sensing that the account holders were involved in large-scale cyber fraud, the TGCSB decided to launch an investigation. “Approximately 600 complaints are linked to these accounts. The main fraudster, operating from Dubai, and his five associates were actively involved in luring poor people into opening bank accounts and utilizing these bank accounts in cyber crimes and hawala operations on a commission basis,” said Shikha Goel.

The police said that Shoeb played a key role in opening bank accounts and preparing all necessary documents required for the purpose. After opening the accounts, the signatures of the account holders were obtained on the cheques, which were then kept in the custody of one of the associates. “A part of the money that landed in the accounts was sent to Dubai through cryptocurrency,” said the official.

On directions of the fraudster’s, Shoeb and other associates convinced some poor individuals to open six current accounts in SBI Shamsheergunj branch in February 2024, luring them with commissions. In March and April, significant transactions occurred in these six accounts, amounting to approximately Rs. 175 crores. Efforts are on to apprehend the remaining persons who are absconding.

The cyber crime police cautioned people not to open a bank account for someone else or engage in suspicious transactions. If you have already opened a mule account, report it to 1930 or cybercrime.gov.in.