₹45 lakh for old ₹1 note: Hyderabad cyber fraud probe uncovers ₹70 crore mule account network

An investigation into a cyber fraud in which a Hyderabad resident was cheated of ₹7.93 lakh after being promised ₹45 lakh for an old ₹1 currency note has led the Hyderabad Cyber Crime Police to a suspected mule account network linked to nearly 450 cases across India, involving transactions estimated at ₹60 crore to ₹70 crore.

Two persons, identified as Gumma Ramesh, 39, and Mudale Anil, 19, both residents of Ramanthapur, were arrested on October 8 for collecting bank accounts and SIM cards from unsuspecting individuals and supplying them to cyber fraudsters operating from Haryana.

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According to the police, Ramesh, who previously lived in Bidar, Karnataka, moved to Hyderabad with his family due to financial difficulties. He began working as a driver using a rented car, during which he developed contacts with cyber fraudsters.

Investigators found that Ramesh, along with another accused who is absconding, approached students, delivery partners and other residents in and around Ramanthapur, offering commissions in exchange for access to their bank accounts and SIM cards.

The accused allegedly collected bank passbooks, ATM and debit cards, internet banking credentials and SIM cards from approximately 60 to 70 persons. These were subsequently sent by courier to associates in Haryana for use in cyber fraud operations.

Police suspect that the network facilitated fraudulent transactions worth approximately ₹60 crore to ₹70 crore, with nearly 450 cybercrime cases registered across the country linked to the accounts. Anil, the second accused, allegedly opened three savings bank accounts with different banks and handed over their credentials to Ramesh in exchange for a commission.

The investigation began following a complaint received on September 25 from a man who had been approached through Facebook by fraudsters offering ₹45 lakh in exchange for an old ₹1 currency note.

The fraudsters induced him to transfer ₹7,93,351, but failed to honour their promise. Based on his complaint, the Cyber Crime Police registered a case under provisions of the Information Technology Act and Bharatiya Nyaya Sanhita (BNS) and began tracing the financial transactions.

During the investigation, police identified the involvement of the accused in facilitating the movement of funds through mule accounts.

Acting on specific information, a team led by Inspector M. Surendar apprehended Ramesh and Anil at Ramanthapur in Amberpet around noon on October 8. Two mobile phones were seized from their possession.

During questioning, the accused reportedly admitted that they had been collecting and supplying bank accounts and SIM cards to cybercriminals in exchange for commissions.

Police said both were aware that the accounts and SIM cards would be used to commit cyber fraud but continued supplying them for financial gain. The investigation is continuing into the suspected financial network and the involvement of the absconding accused.