Hyderabad Cyber Crime unveils Rs 175 crore fraud, two arrested in major operation

HYDERABAD: The Telangana Cyber Security Bureau has cracked a Rs 175 crore scam, leading to the arrest of two individuals in Hyderabad.

The accused, Mohammed Shoeb Tauqeer (34) and Mahmood Bin Ahmed Bawazir (45), were apprehended by a specialised team from the Cyber Security Bureau headquarters after an intensive investigation that spanned several months.

The case, registered under various sections of the IT Act and BNS Act at the Cyber Crime Police Station, Hyderabad, came to light when the Bureau's data analysis team detected a surge of complaints on the National Cybercrime Reporting Portal (NCRP). These complaints were traced to six suspicious bank accounts at SBI's Shamsheergunj branch, through which staggering amounts of money were funneled in just two months - March and April 2024.

The investigation uncovered a meticulously orchestrated scheme, with the main fraudster operating from Dubai. The mastermind, along with five associates, targeted economically vulnerable individuals in Hyderabad, persuading them to open bank accounts in exchange for small commissions. Unbeknownst to them, these accounts were used for large-scale cyber fraud and hawala transactions. Shoeb, a key player in the operation, was responsible for setting up the accounts and managing the paperwork. Once the accounts were established, the fraudsters secured signed cheques from the account holders, which were then used to siphon off the money. A portion of the ill-gotten gains was transferred to Dubai via cryptocurrency, while the rest was distributed among the fraudster's network in India.

By February 2024, the syndicate had successfully opened six current accounts at the SBI Shamsheergunj branch. Within weeks, these accounts became conduits for Rs 175 crore, sparking alarm within the banking sector and drawing the attention of cybercrime authorities.

The arrests were made during a well-coordinated operation led by Deputy Superintendents of Police Hari Krishna and K.V.M. Prasad, under the supervision of Superintendent of Police Devender Singh. Inspectors D. Srinu, Mahender, and constables Venkat Goud, Syed Taher, Krishna Swamy, and Shanker played crucial roles in the operation.

In light of this scam, authorities have urging the public to be vigilant. They warned against opening bank accounts for others or participating in suspicious transactions. If anyone has already opened a mule account, it is critical to report it immediately to 1930 or cybercrime.gov.in. The Bureau also advised verifying the identity of anyone asking you to open an account and to regularly monitor the account activity to prevent misuse.