HYDERABAD: The Telangana Cyber Security Bureau (TGCSB) has arrested three individuals for allegedly laundering money obtained through cyber fraud by converting it into cryptocurrency and transferring it to fraudsters based abroad.
The accused have been identified as Md Raziuddin (22), Md Waliullah (25), and Mohd Zubair Khan (34), all residents of Hyderabad. Waliullah is originally from Bihar but is currently residing in the city.
The case came to light after a victim lodged a complaint on July 11, stating he had been duped of Rs 3.24 crore between May 30 and July 9. The victim said he was added to a WhatsApp group that shared regular updates on stock market trends, block trades, and IPOs. Misled by the group’s admin and members, he transferred the funds hoping for high returns, only to realise later that it was a scam.
Investigators found that the money was initially routed to a mule account held by Sai Amarnath (42), who is currently in Chanchalguda jail for a previous offence. A portion of the funds was then transferred to a bank account belonging to Waliullah.
According to TGCSB, the withdrawn cash was handled by Raziuddin and converted into USDT (a cryptocurrency) using the Binance wallet. He reportedly joined a Telegram group believed to be run by Chinese nationals that offered high commissions for converting cash into cryptocurrency. Lured by the offer of Rs 1.5 lakh per account, he roped in the other accused, Waliullah and Zubair, to open multiple bank accounts.
Police said `15 lakh was funnelled through Waliullah’s account, with Rs 7.5 lakh directly linked to the complainant’s funds. Raziuddin managed the withdrawals, handled the conversions, and transferred the crypto to the Binance wallet
Preliminary findings suggest that the main conspirators are operating from overseas, using Indian WhatsApp numbers to target victims with promises of high returns on investments.