TGCSB uncovers international fraud network, arrests three in Rs. 5.4 crore scam
Hyderabad: The Telangana Cyber Security Bureau (TGCSB) has dismantled an international fraud network, arresting three individuals involved in a Rs. 5.40 crore scam. The investigation started following a complaint registered on June 29, 2024, at the Cyber Crime Police Station Headquarters.
TGCSB uncovered that the fraudsters partially withdrew funds from various bank accounts and converted them into USDT (Tether). The arrested individuals, Mohammad Ilyas, Mohammad Rizwan, and Syed Gulam Askari, were supplying bank accounts to cyber criminals and facilitating the withdrawal of funds. These criminals had international connections, including links to Dubai.
Modus operandi of accused
The accused used 17 bank accounts belonging to acquaintances and shared details with Syed Gulam Mustafa, residing in Dubai and the brother of Syed Gulam Askari. Cyber criminals transferred illicit funds into these accounts. On the same day, the account holders, along with the accused, visited banks to withdraw the funds, offering a 10% commission to the account holders. Mohammad Ilyas and Mohammad Rizwan received Rs. 20 thousand for each withdrawal, while the remaining amount was handed over to Syed Gulam Askari.
Following instructions from his brother Mustafa, these funds were passed to local agents, who converted the money into USDT and sent it to Mustafa’s crypto wallet. To date, the accused have withdrawn Rs. 1.34 crore from 17 different bank accounts. These accounts are linked to 26 other cyber crimes reported across the country.
The police seized four mobile phones during the operation. They are investigating to find the identity of the bank account holders and the involvement of any bank officials.
TGCSB urges the public to stay vigilant and report any suspicious activity, especially individuals seeking to use their bank accounts for depositing foreign funds. Fraudsters often lure account holders by offering commissions, leading to the misuse of their identities for illegal activities. Those who knowingly sell their bank accounts or SIM cards face severe legal consequences.
Dy.S.P. K.V.M. Prasad led the investigation team, including Inspector Mahendar, SI Shiva, and PCs Bhanu, Arshad, and S. Praveen. Under the guidance of SP Devender Singh, they were instrumental in arresting the accused and investigating the network.
