TGCSB busts Rs 175 crore cyber fraud, arrests two Hyderabadis
Hyderabad: Telangana Cyber Security Bureau (TGCSB) arrested two Hyderabadis involved in Rs 175 crore fraud. The fraudsters were accused of opening mule bank accounts and facilitating to launder money from the proceeds of the cybercrimes.
Going further into details, On 24th August 2024, personnel from the Cyber Security Bureau Headquarters in Hyderabad arrested two suspects Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, for their involvement in a Rs 175 crore scam.
The Cyber Security Bureau’s data analysis team detected numerous complaints reported on the NCRP portal against six bank accounts in SBI, Shamsheergunj. The team focused on this issue, and upon careful verification, it was revealed that large sums of money were transacted through these accounts within a short period of two months (March and April 2024). The account holders were suspected of being involved in large-scale cyber fraud. Approximately 600 complaints are linked to these accounts.
Investigation revealed that the main fraudster, operating from Dubai, and his five associates were actively involved in luring poor people into opening bank accounts and supplying them for
use in cybercrimes and hawala operations on a commission basis. Shoeb played a key role in opening bank accounts and preparing all 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 fraudster and distributed it to various individuals through his agents,” said TGCSB Director Shikha Goel.
Following the main fraudster’s directions, Shoeb and other associates convinced some 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.
TGCSB 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. 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.
