Hyderabad police bust Rs 150 crore cyber fraud, 32 bank officers held

Hyderabad: In a massive pan-India cyber fraud network involving bank officers, the Hyderabad City Police arrested 52 individuals from nine states, including Telangana.

The crackdown was carried out under Operation Octopus 2, leading to the arrest of 32 banking officers, 15 mule account holders and five middlemen or suppliers.

As many as 350 bank accounts, linked to 850 cybercrime cases across India, were used to siphon off victims’ money worth Rs 150 crore, police said on Sunday, April 19.

Sixteen special teams were formed, each led by an Inspector. Raids were conducted across Telangana, Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Gujarat, Bihar and Andhra Pradesh.

Most of the arrestees are private bank employees

According to the police, the 32 arrested bank employees are from various private banks. These officers included Managers, Relationship Managers, KYC Approvers, Field Officers, Clerks, Assistant Account Managers and Probationary Officers. Below is the list:

• HDFC – one employee
• Equitas Small Finance Bank – one employee
• Karnataka Bank – two employees
• Karur Vysya Bank – two employees
• AU Small Finance Bank – two employees
• Federal Bank – four employees
• IDFC First Bank – four employees
• Bandhan Bank – five employees
• Bank of Baroda – five employees
• IndusInd Bank – six employees.

The investigating teams discovered they were allegedly involved in the cybercrime, facilitating the opening of mule accounts.

Police seized 26 mobile phones, 21 shell company stamps, 14 cheque books, two pen drives and one laptop.

Hyderabad Police stern warning against cybercrime

City Police Commissioner VC Sajjanar said cybercrime and fraud will be dealt with an iron fist. “Every guilty individual will face strict action. No one will be spared, regardless of position or influence.

“It has also been observed that private sector banks are predominantly facilitating the opening of mule bank accounts. This trend indicates significant lapses in due diligence and KYC verification processes, which are being exploited by cybercriminals,” he said.

He said Operation Octopus 2 was launched earlier this week, after the success of Operation Octopus 1, which led to the arrest of 117 people across 16 states.

How to be safe from cybercrime or fraud

Precautionary steps

Investment and Trading Vigilance: Citizens are advised to exercise extreme caution regarding “guaranteed returns” or “insider tips” solicited via WhatsApp or Telegram groups. Verify the legitimacy of any trading platform or application with the Securities and Exchange Board of India (SEBI) before investing.

Digital Arrest: No law enforcement agency CBI, Police, Customs, ED, etc.) conducts arrests or interrogations over video calls. Agencies never demand money transfers to “verify” funds or clear names. If you receive such a call, disconnect immediately.

Data Hygiene: Do not share OTPs, click on unverified links, or download remote-access applications (such as AnyDesk or TeamViewer) at the behest of strangers.

Mule Account Warning: Do not rent, sell, or lend your bank accounts to others. Allowing your account to be used for transferring illicit funds makes you a partner in the crime. You will face legal prosecution for facilitating the movement of fraudulent money.

Here is what the public can do if one receives a suspicious call

If you suspect you have been duped, immediately report the incident within 1 to 2 hours of the transaction. Chances of freezing the defrauded funds during this critical window significantly increase.

Dial 1930 immediately to report the fraud.

Lodge a formal complaint via the National Cyber Crime Reporting Portal at www.cybercrime.gov.in.

Visit the nearest Cyber Crime Police Station or your local police station to file an FIR.

Citizens can also utilise the C-Mitra initiative to facilitate the filing of e-FIRs conveniently.