Telangana Police Arrest Seven in Online Trading Fraud, Bust Mule Account Network
Hyderabad, June 20 (TNT): Cyberabad Cyber Crime Police have arrested seven persons for allegedly facilitating an online trading fraud by arranging and operating mule bank accounts used to route and launder cybercrime proceeds.
The arrests were made in connection with an online trading fraud case registered by the Cyber Crime Police Station, Cyberabad, Deputy Commissioner of Police (Cyber Crime) T. Sai Manohar said on Saturday.
Addressing reporters here, the DCP said the accused were involved in supplying bank accounts and account holders, collecting fraud proceeds, transporting cash and facilitating money laundering activities for organised cyber fraud syndicates.
The investigation revealed that the accused played different roles within the network, including arranging mule accounts, receiving and transferring fraud proceeds, supplying account holders and facilitating the movement of illicit funds.
According to police, one of the accused collected the fraud proceeds in cash and handed them over to another accused, who subsequently delivered the money to a receiver operating on behalf of the organised network. Another accused allegedly assisted in the transportation and delivery of cash.
In a separate operation, Cyberabad police teams conducted raids in Raidurgam and Manikonda and apprehended another accused allegedly involved in operating and supplying bank accounts used to channel cyber fraud proceeds.
Sai Manohar said the accused were part of a larger organised network engaged in arranging mule accounts and facilitating financial transactions linked to cybercrime operations.
Further investigation is underway to identify additional beneficiaries, account suppliers, cash handlers and the masterminds behind the network, he added.
Issuing a public advisory, Cyberabad Police urged citizens not to share or rent out bank accounts, ATM cards, SIM cards, internet banking credentials or KYC documents for monetary benefits, warning that such acts amount to serious criminal offences and aid cybercriminals.
Police also cautioned the public against clicking on suspicious links received in the name of delivery or e-commerce platforms and advised investors to deal only with brokers and trading platforms registered with the Securities and Exchange Board of India (SEBI).
Cyberabad Police further warned bank officials against facilitating the opening of mule accounts and stressed the need for strict adherence to KYC norms and enhanced monitoring of suspicious transactions.
Citizens have been advised to report cyber frauds immediately through the national cybercrime helpline 1930 or the National Cyber Crime Reporting Portal.
TNT TS
