Hyderabad cops arrest 32 bank officials in Rs 150 crore mule accounts case Hyderabad police executed a multi-state operation to arrest 52 individuals, including 32 bank employees, in a cybercrime investigation linked to a Rs 150 crore scam. The operation, spanning nine states—Telangana, Andhra Pradesh, Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Gujarat, and Bihar—targeted officials allegedly involved in opening mule accounts for cybercriminals. These accounts were used to siphon money from victims of online fraud. The arrested bank officials worked across 10 financial institutions, including public sector banks, and held roles such as relationship managers, KYC approvers, clerks, probationary officers, and field officers. Six of the 32 officials belonged to the same private bank, while others were middlemen who facilitated the creation of these accounts. The investigation revealed that the officials colluded with a cybercrime network to open accounts without verifying customer credentials, enabling fraudulent transactions. The operation followed leads from a previous interstate crackdown in February, which had identified 350 bank accounts linked to 850 cybercrime cases. During the recent raids, police recovered 26 mobile phones, 14 cheque books, 21 stamps, and two pen drives from the accused. A cybercrime officer stated that the accounts were opened despite knowledge of the companies being non-existent or staged during field inspections. Some officials did this to meet monthly account-opening targets, while others sought financial gain. Hyderabad police commissioner V C Sajjanar emphasized that the crackdown focused on apprehending bank officials who had conspired with cyber fraudsters.#mule_accounts #hyderabad_police #bank_officials #cybercrime_network #hyderabad_police_commissioner_v_c_sajjanar
Hyderabad Police Expose Bankers' Role in Major Cybercrime Network The Hyderabad police conducted a large-scale operation to dismantle a cybercrime network spanning multiple states, resulting in the arrest of 52 individuals, including several bank officials. The operation, named Operation Octopus-2.0, involved coordinated search efforts across nine states and targeted individuals who facilitated cybercriminal activities. Authorities emphasized that the arrested individuals were involved in orchestrating investment frauds, digital extortion schemes, and other cyber-related offenses. The operation revealed a systematic collaboration between financial institutions and criminals, with bank officials playing a central role in enabling illegal transactions. During the investigation, police identified 32 of the arrested individuals as bank officials, 15 as mule customers (individuals used to launder money), and five as mediators who acted as intermediaries between criminals and victims. The police stated that the bankers were instrumental in the crimes by opening fraudulent accounts for cybercriminals, which allowed the perpetrators to siphon funds from victims. These accounts were used to divert money extorted from unsuspecting individuals, with the police uncovering a total of 350 bank accounts linked to the network. The investigation revealed that these accounts were connected to over 850 cybercrime cases registered nationwide, with a total fraud amounting to Rs 150 crore (approximately $18.5 million) being traced through the network. Police highlighted that without access to bank accounts, cybercrime operations would not be feasible, underscoring the critical role of financial institutions in enabling such activities.#financial_institutions #hyderabad_police #bank_officials #operation_octopus_2_0 #cybercrime_network
