TGCSB nabs mule account supplier involved investment fraud
Hyderabad: The Telangana Cyber Security Bureau (TGCSB) has successfully apprehended a fraudster who supplied a mule account to launder money from a sophisticated investment scam targeting individuals in Hyderabad.
The fraudster has been identified as Saidul Islam Khan of Contai City, Purba Medinipur District, West Bengal.
According to the police, On 11th July 2024, a resident of Hyderabad lodged a complaint stating that he encountered an advertisement on Facebook promoting lucrative returns through stock recommendations. Upon exploring the details further, he received a link to join a WhatsApp group named “A117 IIFL Securities Official Stock Community” on May 7th, 2024.
After joining the group, a person named “Ankur Kedia,” who claimed to be the Chief Investment Officer (CIO) of IIFL Securities and one of the group’s admins, communicated with him.
Kedia started sharing stock recommendations in the group and, after a few days, advised the
complainant to apply for the Initial Public Offerings (IPOs) of several companies that were expected to be listed in June and July 2024. Kedia claimed they could facilitate the application and purchase of IPOs through “Institutional buyers” for the complainant as a High-Net-Worth Individual (HNI), promising assured allotments and significant profits.
“Believing Kedia’s assurances, the complainant was provided with account details of certain firms that Kedia described as regulatory accounts used for processing such transactions as per IIFL Securities’ procedures. Trusting this, the complainant made his first transaction on 9 June 2024 and the last one on 2 July 2024, transferring a total of ₹5,27,69,000 into their accounts. He was able to withdraw only Rs 45,000 before being unable to withdraw any further funds. Realizing the fraud, he filed a complaint,” said TGCSB in a statement.
Don’t be a mule! avoid scams: TGCSB
Investigation revealed that the accused Saidul Islam Khan, a resident of Contai town in West Bengal, was running a petrol bunk in the local area. Due to the low population density, the business was not profitable. During this time, he became friends with an associate who promised lucrative commissions and a substantial loan if he opened a bank account with ICICI Bank and shared the net banking credentials. Following his associate’s directions, Islam Khan opened a current account with ICICI Bank under the name S.S.R. Brick Field and provided the account details to his associate.
“This account was then used in the scam, receiving Rs 1 crore from the complainant. The amount was subsequently transferred to various accounts using net banking, aiding in the execution of the fraud,” said TGCSB
The Telangana Cyber Security Bureau (TGCSB) urges the public to remain vigilant and refrain from supplying their bank accounts to known or unknown individuals in exchange for temporary
commissions. Report any suspicious activities, particularly those involving individuals seeking to use bank accounts for the transfer of large sums of money. Those who knowingly sell their bank accounts or SIM cards are warned that they may face severe legal consequences.
