The Telangana Cyber Security Bureau (TGCSB) has busted an international fraud network with the arrest of three accused in Rs 5.40 crore scam, officials said on Tuesday.
The TGSCB arrested three persons who were supplying bank accounts to cyber fraudsters and facilitating the withdrawal of funds. This organised criminal operation has international connections, including links to Dubai, TGCSB Director Shikha Goel said.
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 involved the partial withdrawal of funds from bank accounts and their subsequent conversion into USDT.
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. Till date, the accused have withdrawn Rs 1.34 crore from 17 different bank accounts in this case, said the TGSCB Director. These accounts are learnt 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.