Hyderabad: Hyderabad Cybercrime Police on Wednesday, June 24, arrested two people for their role in a Rs 1.22 crore investment fraud, in which the accused operated bank mule accounts to help criminals route stolen funds in exchange for a commission.
The case began when a Hyderabad resident was added to a WhatsApp group called “282 BARCLAYS India High-Quality Stock Trading Research Group” and persuaded to invest in fake trading platforms — www.BarclaysDailyTrading.com and app.bulishmark.com — with promises of high returns and IPO allotments.
To build trust, the fraudsters initially allowed him to withdraw Rs 1.05 lakh. Confident of the platform’s legitimacy, he went on to invest Rs 1.22 crore across 19 transactions. The platform then falsely showed profits of Rs 15.69 crore but demanded an additional Rs 35 lakh for the release of his IPO holdings. Realising he had been defrauded, he approached the police.
How the money was routed
Investigations revealed an organised operation behind the fraud. The main accused had set up a company to open high-value current bank accounts, then shared internet banking credentials with third parties. Additional accounts were procured through commission-based arrangements, while others were accessed through remote mechanisms and OTP manipulation. Six other accused in the case were allegedly paid commissions for procuring or supplying such accounts.
The scale of the network became clear when police traced the accounts. One YES Bank account linked to an accused was connected to 26 cybercrime cases across India, including four in Telangana, with transactions worth Rs 1.10 crore routed through it. A Central Bank of India account was linked to 18 cases across India, including two in Telangana, with Rs 3.37 crore passing through it.
Those who have been victims of cybercrime can dial the helpline at 1930 or visit cybercrime.gov.in for assistance.
Follow on Twitter | Edited by Saleha Fatima | 
