Police bust bulk bank account racket in Cyberabad raid
Cybercrime unit arrests two men for supplying hundreds of bank accounts for fraud use
HYDERABAD: Cyberabad’s Cybercrime Police busted a racket involved in supplying bank accounts in bulk to fraudsters and arrested two men following a raid at a flat in KPHB, Hyderabad, on October 6.
According to Inspector G Vijay Kumar of the Cybercrime Police Station, credible information was received around 17.30 IST that some persons were illegally supplying bank accounts from Flat No. A-1809, Lodha Meridian, KPHB. Acting on instructions from the Assistant Commissioner of Police (ACP), the officer obtained search authorisation from the Deputy Commissioner of Police (DCP), Cybercrimes, and conducted a raid at 18.00 IST with a police team and two mediators.
Accused supplied accounts to Bengaluru-based handler
Police apprehended Doppalapudi Naveen Kumar, 31, a real estate agent from Idupulapadu, Bapatla district, Andhra Pradesh, residing in the same flat. On questioning, he confessed to running the operation for about a year. Naveen told police he had been contacted on Telegram by an account named “Capital O Finance” offering a commission for providing bank accounts on a rental basis.
He employed Vankadri Sandeep Kumar, 37, a private employee from Rajahmundry, as his assistant. Together, they opened around 100 bank accounts using details of innocent individuals by paying them ₹2,000–₹3,000 per account. The account credentials and SIM cards were allegedly sent to a person named Arvesh, residing in Bengaluru, through private travel services.
100 accounts created with bank insiders’ help
Police said the accused admitted to managing some Business Development Managers (BDMs) in banks to open accounts in fictitious names. For each account supplied, Naveen Kumar reportedly received ₹10,000, part of which was paid through his PhonePe UPI ID linked to 9133555506 and sometimes via cash parcels.
Items seized
During the raid, police seized:
32 cheque books
23 ATM cards
48 SIM cards
3 mobile phones
One white Honda Activa scooter
Police said the accused, along with their accomplice in Bengaluru, cheated people by creating fake online financial applications and showing false investment returns to lure victims. Both men were taken into custody and booked under relevant sections for cheating and cybercrime offences.
