HYDERABAD: Hyderabad cyber crime police arrested six persons for allegedly operating mule bank accounts used to route proceeds from a Rs 1.22 crore fraud.
Police said a Hyderabad resident was added to a WhatsApp group named ‘282 BARCLAYS India High-Quality Stock Trading Research Group’ in January and was lured into investing through fake trading platforms with promises of high returns and IPO allotments.
The victim was initially allowed to withdraw `1.05 lakh to gain confidence before investing `1,22,18,029.50 through 19 transactions. Fraudsters allegedly displayed fake profits of `15.69 crore and demanded an additional `35 lakh for the release of IPO shares.
Investigators found that one of the accused had established a company to open high-value current accounts and share internet banking credentials with third parties. These accounts were allegedly used to route cybercrime proceeds and online trading collections. Police said genuine business accounts were procured through commission-based arrangements, while other accounts were activated using remote access tools and manipulated OTPs. The accused allegedly earned commissions for supplying such accounts.
One bank account linked to the network was found connected to 26 cybercrime cases across the country, including four in Telangana.
Police seized three mobile phones, four ATM/debit cards, two cheque books, two bank passbooks and three Airtel SIM cards.
