The Telangana Cyber Security Bureau (TGCSB) has busted an international fraud network by arresting three accused in a Rs 5.40 crore scam.
On Tuesday, the officials said that TGSCB arrested three people who were involved in supplying bank account details to cyber fraudsters and were further facilitating the withdrawal of funds.
The Telangana Cyber Security Bureau made arrests during an investigation into a digital fraud case filed on June 29 at the Cyber Crime Police Station. The case began with a complaint from an elderly victim who lost Rs 5.40 crore.
This organized criminal operation has international connections, which further includes links from Dubai, TGCSB Director Shikha Goel said.
Digital fraud case registered
The arrests were made during the investigation into a digital fraud case registered on June 29 at Cyber Crime Police Station on a complaint by an elderly victim who lost Rs 5.40 crore.
The fraud further involved the partial withdrawal of funds from bank accounts and their subsequent conversion into USDT.
Hyderabad-based cyber criminals arrested
The Cyber Security Bureau arrested three residents of Hyderabad. They are Mohammad Ilyas, Mohammad Rizwan, and Syed Gulam Askari, listed as accused number three, four and six respectively. Four mobile phones were seized from them.
According to TGCSB, the accused used 17 bank accounts belonging to their acquaintances and shared these details with the main accused Syed Gulam Mustafa, the brother of Askari and residing in Dubai.
Cyber fraudsters then transferred illicit funds into these accounts. On the same day, Ilyas and Rizwan, along with the account holders, visited banks to withdraw the funds, offering a 10 per cent commission to the account holders. Ilyas and Rizwan received Rs 20,000 for each withdrawal, while the remaining amount was handed over to Askari.
Following instructions from Mustafa, these funds were passed to local agents, who converted the money into USDT and sent it to Mustafa’s crypto wallet. To date, the accused have withdrawn Rs 1.34 crore from 17 different bank accounts in this case, said the TGSCB Director. These accounts are known to be associated with 26 other cyber crimes reported across the country.
Investigation is underway to ascertain the identity of the bank account holders and the complicity of bank officials, if any. Also, efforts are underway to apprehend the other accused, she added.
Inputs from IANS
