Karimnagar mule account scam busted: Rs 137 crore routed via 8 bank accounts, RBL staff among 13 arrested
Investigations revealed the involvement of two RBL Bank employees, Kalyan and Ayesha, who allegedly played a crucial role in facilitating the scam
By Newsmeter Network
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Karimnagar: Karimnagar police have cracked a sensational mule account scam operating across the undivided Karimnagar district, exposing a network involved in illegal financial transactions worth Rs 137 crore.
The racket, which used bank accounts opened in the names of unsuspecting individuals, has so far led to the arrest of 13 persons, while a total of 24 accused have been identified.
Bank employees played key role in scam
Investigations revealed the involvement of two RBL Bank employees, Kalyan and Ayesha, who allegedly played a crucial role in facilitating the scam.
Violating banking norms, the duo reportedly helped create mule accounts for transactions, including cryptocurrency trading and routing illicit deposits.
2% commission given to mule account holders
Disclosing the case details before the media here on Friday, Police Commissioner Gaush Alam said that the accused lured innocent individuals by offering a 2 per cent commission, collecting their personal details, and opening bank accounts in their names without fully disclosing the intent.
Rs 137 crore routed through just 8 accounts
In a shocking revelation, police found that the accused used just eight mule accounts to conduct transactions amounting to Rs 137 crore. The funds were primarily diverted into cryptocurrency trading platforms and transferred to foreign accounts, raising concerns about possible international links.
Key accused and ongoing investigation
Among those arrested are Kalyan, Ayesha, Sairam, Ranjith, Mallesham, Satyam and Bandi Pranay, identified as key players in the network. The main accused, Kalyan and Ayesha, are currently in police custody and being interrogated.
Authorities are now probing deeper into the case to identify the origin of the funds, the final destinations of the money, and possible involvement of other banks and financial institutions.
Manhunt underway for absconding accused
Police have launched a manhunt to trace the remaining 11 accused who are currently absconding. Officials indicated that more arrests are likely as the investigation progresses.
