Cyberabad police intercept vehicle at Narsingi, seize Rs 1 Cr unaccounted cash

Zero Money is the step in which the hacker gains access to unused bank accounts and transfers the amount from them to the customer’s account.

By Newsmeter Network  Published on  23 Nov 2021 4:47 AM GMT
Cyberabad police intercept vehicle at Narsingi, seize Rs 1 Cr unaccounted cash

Hyderabad: Cyberabad police on Monday seized Rs 1 crore unaccounted cash from a vehicle under the Narsingi police station.

The cash was being transported without any documents.

Police said that three persons who were suspected to be carrying this money were supposed to make the transaction with the hacker for Zero Money (illegal business).

Zero Money is the step in which the hacker gains access to unused bank accounts and transfers the amount from them to the customer's account. Customers give huge sums of cash to Zero Money hackers because they are led to believe that their sum will multiply.

Also, it gives them an opportunity to launder black money. "The hacker will transfer the amount from the unclaimed account to the customer's account, by believing that they will get Rs 2 crores transferred to their personal account," said M Venkateshwarlu, DCP, Madhapur.

The seized amount is being handed over to Income-tax Department for further probe, police said.

Next Story
Share it