Hyderabad police bust Rs 150 crore cyber fraud, 32 bank officers held The Hyderabad City Police executed a major operation, arresting 52 individuals across nine states in a pan-India cyber fraud case involving 32 banking officers, 15 mule account holders, and five middlemen. The crackdown, part of Operation Octopus 2, targeted a network that siphoned over Rs 150 crore from victims through 350 bank accounts linked to 850 cybercrime cases. Raids were conducted in Telangana, Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Gujarat, Bihar, and Andhra Pradesh, with 16 special teams led by inspectors coordinating the arrests. The arrested bank employees, primarily from private institutions, included managers, relationship managers, KYC approvers, and clerks. Detailed records listed the banks involved: HDFC (one employee), Equitas Small Finance Bank (one), Karnataka Bank (two), Karur Vysya Bank (two), AU Small Finance Bank (two), Federal Bank (four), IDFC First Bank (four), Bandhan Bank (five), Bank of Baroda (five), and IndusInd Bank (six). Police alleged these individuals facilitated the creation of mule accounts, enabling the fraudulent transfers. During the operation, authorities seized 26 mobile phones, 21 shell company stamps, 14 cheque books, two pen drives, and one laptop. Police Commissioner VC Sajjanar emphasized strict action against cybercrime, stating, “Every guilty individual will face strict action. No one will be spared, regardless of position or influence.” He highlighted systemic failures in private banks, noting that lax KYC verification processes allowed cybercriminals to exploit vulnerabilities. Sajjanar also referenced the success of Operation Octopus 1, which led to the arrest of 117 people across 16 states.#hyderabad_police #hdfc #operation_octopus_2 #equitas_small_finance_bank #karnataka_bank
