Telangana Cyber Security Bureau busts international fraud network

• Officials pinpoint a scheme in which the accused facilitated the withdrawal of illicit funds through bank accounts belonging to unwitting acquaintances.

The Telangana Cyber Security Bureau (TGCSB) has achieved a significant breakthrough in combating cybercrime by dismantling an international fraud network, leading to the arrest of three individuals implicated in a staggering Rs5.40 crore scam.

The operation not only highlights the escalating threat of cyber fraud but also underscores the importance of robust law enforcement action in addressing such criminal activities.

The arrests stemmed from a thorough investigation launched on June 29, following a complaint from an elderly victim who lost a substantial sum through digital fraud.

Officials pinpointed a sophisticated scheme in which the accused facilitated the withdrawal of illicit funds through bank accounts belonging to unwitting acquaintances.

The operation has international ties, particularly with links to Dubai, as indicated by TGCSB Director Shikha Goel.

The trio, identified as Mohammad Ilyas, Mohammad Rizwan, and Syed Gulam Askari, are accused of exploiting 17 bank accounts to siphon off funds. They reportedly offered account holders a 10 percent commission to facilitate withdrawals, amassing Rs20,000 for each transaction while transferring the remaining amounts to Syed Gulam Mustafa, the main perpetrator based in Dubai.

Mustafa’s instructions guided the operation, wherein funds were converted into USDT, further concealing their origins and enabling their transfer to his cryptocurrency wallet.

The investigation reveals a troubling pattern of exploitation, with the three arrested individuals not only implicated in this scheme but also linked to 26 other cybercrimes across the nation.

As the TGCSB works to identify the bank account holders and ascertain potential complicity among bank officials, the need for increased vigilance and awareness is critical.