Operation Octopus targets mule accounts in cybercrime crackdown

The Department of Financial Services held a meeting in Hyderabad with police, RBI, and CBI officials to review rising digital frauds. The focus was on "Operation Octopus," tackling mule accounts, and urging banks to adopt RBI’s MuleHunter AI tool for better cybercrime prevention.

Hyderabad: The Secretary, Department of Financial Services (DFS) on Thursday reviewed the rising digital frauds with Hyderabad Police Commissioner VC Sajjanar and officials from the Reserve Bank of India, Central Bureau of Investigation and others.

The meeting focused on ‘Operation Octopus’ and tackling mule accounts used in cyber frauds. Banks were asked to quickly adopt RBI’s MuleHunterAI tool, while agencies stressed real-time coordination, faster response, and greater public awareness to curb financial cybercrime.

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