Hyderabad: 2 held for using mule accounts to commit Rs 175 crore scam

Hyderabad: Sleuths from the Cyber Security Bureau headquarters here have arrested two persons for their alleged involvement in a Rs 175-crore scam. The officials said that the accused would make poor persons open bank accounts and use them for committing cybercrimes.

The two arrested have been identified as Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, both residents of Hyderabad.

The team received 600 complaints

Cyber Security Bureau Superintendent of Police (SP) Devender Singh said that the data analysis team of the bureau detected numerous complaints reported on the NCRP portal against six bank accounts in SBI, Shamsheergunj.

Upon verification, the team found that large sums of money were transacted through these accounts in two months (March and April 2024).

The account holders were suspected of being involved in large-scale cyber fraud and approximately 600 complaints were linked to these accounts.

Modus operandi

The main accused, operating from Dubai, with his five associates was actively involved in luring poor people into opening bank accounts and using them for committing cybercrimes and hawala operations on a commission basis, the SP said.

Elaborating further, the SP said that Shoeb played a key role in opening bank accounts and preparing necessary documents. After opening the accounts, the signatures of the account holders were obtained on the cheques, which were then kept in the custody of one of the associates. Some of the money was sent to Dubai through cryptocurrency. The associates withdrew the money following the directions of the main accused and distributed it to various individuals through his agents.

Following the kingpin’s directions, Shoeb and other associates convinced poor individuals to open six current accounts in SBI’s Shamsheergunj branch in February 2024, luring them with commissions. In March and April, significant transactions occurred in these six accounts, totalling approximately Rs 175 crores, the SP said.

A case was registered under Section 66D of the IT Act, and sections 318(4), 319(2) and 338 of the BNS Act at the Cyber Crime Police Station, Headquarters, based on a Suo moto complaint.

Public advisory

Devender Singh cautioned the public not to open a bank account for someone else or engage in suspicious transactions.

“If you have already opened a mule account, report it to 1930 or the National Cyber Crime Reporting Portal. Be cautious of unsolicited offers to open bank accounts. Verify the identity and credentials of anyone asking you to open an account and monitor your account activity regularly,” he added.