Two Arrested For Rs. 175 Cr Cyber Fraud

Hyderabad, Aug 25 (Maxim News): Two men from Hyderabad who were allegedly involved in a Rs. 175 crore cyber fraud were arrested by the Telangana Cyber Security Bureau on Sunday. The arrested fraudsters include Mohammed Shoeb Tauqeer of Masab Tank and Mahmood Bin Ahmed Bawazir of Moghalpura.

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According to Director TGCSB, Shikha Goel, the bureau’s data analysis team found numerous complaints were reported on the National Cyber Reporting Portal (NCRP) against six bank accounts in SBI, Shamsheergunj.

During a thorough verification, it was found that many transactions of high amounts were done through these accounts within a short period in March and April 2024.

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Sensing the account holders were involved in large-scale cyber fraud, an investigation was launched. 

“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 supplying them for use 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.

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On directions of the fraudsters, Shoeb, and other associates convinced some poor individuals to open six current accounts in the 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 cybercrime 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. (Maxim News)

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