Hyd Police Expose Bankers’ Big Hand in Cyber Crime

The Hyderabad police busted a massive cybercrime network operating across several states in the country. Over 52 accused, including several bankers, were arrested during search operations held in nine states under Operation Octopus-2.0.

Police said that the Operation was executed targeting the bankers who assisted the cyber criminals. The arrested were involved in investment frauds, and digital arrests. They threatened the gullible and extorted money in huge amounts from the victims.

Of those arrested, 32 were bank officials, 15 mule customers, five mediators. Police found that the bankers played a major role in the crimes by opening accounts for criminals.

Nearly 16 special teams were formed to investigate into the scam. Without the bank accounts, cyber crime cannot be committed which shows that bankers are hand in glove with the criminals.

Police found that the scamsters used 350 bank accounts to divert the money extorted from the victims. The accounts were found to have links with over 850 cyber cases registered across the country and frauds amounting to Rs 150 crore were identified to have been transacted through them.