Massive Rs 175 Crore Cyber Fraud Uncovered: Two Arrested in Telangana

The Telangana Cyber Security Bureau arrested two individuals involved in a Rs 175 crore cyber fraud. Transactions were executed through six bank accounts in Shamsheergunj. The network, led by a Dubai-based mastermind, also engaged in hawala operations. Public advised against opening bank accounts for others.

The Telangana Cyber Security Bureau has arrested two individuals in connection with a staggering Rs 175 crore cyber fraud. The arrests were made on Saturday following the detection of multiple suspicious transactions through six bank accounts at a local bank in Shamsheergunj.

Cyber Security Bureau personnel tracked the fraud through data analysis on the National Cybercrime Reporting Portal (NCRP), revealing that approximately 600 complaints were linked to these accounts. The operation was masterminded by an individual based in Dubai, who worked alongside five associates to lure victims into opening bank accounts, subsequently used for cyber crimes and hawala operations.

The fraudsters targeted poor individuals, promising commissions to open six current accounts. The accounts saw significant transactions within two months, totalling Rs 175 crore. Some of the illicit funds were transferred to Dubai via cryptocurrency. Authorities urged the public against opening bank accounts for third parties and to report any such activities to cybercrime.gov.in or by calling 1930.

(With inputs from agencies.)