HYDERABAD: A 33-year-old general store owner allegedly turned into a key conduit for an interstate cyber fraud network by renting out his bank account on commission, enabling transactions worth Rs 3.7 crore linked to at least 29 cybercrime cases across the country, including 12 in Telangana. The accused, Mohammed Ashfaq, was arrested in connection with an online trading fraud in which a man was duped of `49.9 lakh.
Police said Ashfaq allowed cyber fraudsters to use his bank account on a commission basis and had met them in New Delhi, where the account was allegedly used in his presence for online stock market-related frauds. The money routed through the account was later diverted using internet banking.
According to police, the case came to light after the victim lodged a complaint stating that he was first contacted through WhatsApp by a woman identifying herself as Meena Bhat, who claimed to be associated with an investment group. The victim was later added to the group and directed to an internal portal link to invest.
Initially, the victim invested Rs 2 lakh and was permitted to withdraw small profits. Encouraged by this, he later transferred sums into multiple bank accounts. They later claimed that an IPO allocation exceeded the invested amount and demanded more funds to close the subscription. When the victim refused, he was blocked.
Realising he had been cheated, the victim lodged a complaint. During the investigation, Ashfaq was arrested, and his bank account was found to be connected to multiple cybercrime cases across the country.