The Telangana Cyber Security Bureau has arrested two persons in Hyderabad in connection with a Rs 175 crore scam, which involved fraudulent transactions carried out through six bank accounts.

The arrests were made by Cyber Security personnel on Saturday, with a case filed under relevant sections of the IT Act and BNS, according to a release from Telangana Police.

The Cyber Security Bureau’s data analysis team identified several complaints lodged on the National Cybercrime Reporting Portal (NCRP) against six bank accounts at a Shamsheergunj branch. Upon thorough examination, it was discovered that substantial sums of money were moved through these accounts over a short span of two months, from March to April 2024, a statement revealed, PTI reported.

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The account holders were suspected of being involved in large-scale cyber fraud, with roughly 600 complaints connected to these accounts.

Police said that the primary fraudster, operating from Dubai, along with his five associates, was actively recruiting vulnerable individuals to open bank accounts, which were then used for cyber crimes and hawala operations in exchange for commissions.

Following the fraudster’s instructions, the arrested individuals and their associates convinced these people to open six current accounts at the Shamsheergunj branch in February. By March and April, approximately Rs 175 crores had been moved through these accounts.

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Once the accounts were set up, the associates collected signed cheques from the account holders, which were then kept in their custody, police said. Some of the funds were transferred to Dubai via cryptocurrency.

The associates, acting under the fraudster’s orders, withdrew the money and distributed it to various individuals through his agents, police added. Police advised the public not to open bank accounts on behalf of others or to engage in suspicious transactions. Those who have already opened a “mule” account were encouraged to report it to 1930 or cybercrime.gov.in, the release further said.

(With PTI Inputs)