Three Hyderabad residents were taken into custody by the Cyber Security Bureau.
With the arrest of three suspects in a Rs 5.40 crore scam, the Telangana Cyber Security Bureau (TGCSB) has disrupted a global fraud network, officials announced on Tuesday.
Three people were detained by the TGSCB for providing bank accounts and enabling money withdrawals to online scammers. According to TGCSB Director Shikha Goel, there are worldwide ties to this organized crime group, including ties to Dubai.
The elderly victim, who lost Rs 5.40 crore, filed a complaint at the Cyber Crime Police Station on June 29, and the same day, the arrests were made as part of the investigation into her case of digital fraud.
A portion of bank account funds were taken out and then converted into USDT as part of the fraud.
Three Hyderabad residents were taken into custody by the Cyber Security Bureau. They are identified as the third, fourth, and sixth accused, respectively, as Muhammad Ilyas, Muhammad Rizwan, and Syed Gulam Askari. They had four cell phones taken away from them.
The main accused, Syed Gulam Mustafa, who is Askari’s brother and lives in Dubai, received information from the accused regarding the use of 17 bank accounts that belonged to their associates, according to TGCSB.
Illicit money was then deposited into these accounts by cybercriminals. Ilyas and Rizwan went to the banks with the account holders that same day to take out the money, and they offered the account holders a 10% commission. For each withdrawal, Ilyas and Rizwan were given Rs 20,000; Askari was given the remaining sum.
The funds were sent to local agents per Mustafa’s instructions, who then changed them into USDT and sent them to Mustafa’s cryptocurrency wallet. According to the TGSCB Director, the suspects in this case have taken out Rs 1.34 crore from 17 different bank accounts so far. It has been discovered that these accounts are connected to 26 additional cybercrimes that have been reported nationwide.
The identities of the bank account holders and any potential bank employee involvement are being looked into. She also said that efforts are being made to capture the other suspects.
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