Rs 175 Crore Cyber Fraud: Two Hyderabad Residents Arrested

In a significant development, two Hyderabad residents, Mohammed Shoeb Tauqeer and Mahmood Bin Ahmed Bawazir, were apprehended by the Telangana Cyber Security Bureau (TS-CSB) on Sunday in connection with a massive Rs 175 crore cyber fraud that has reverberated across India. The arrests have shed light on a complex web of cybercrime orchestrated by Dubai-based masterminds.

According to law enforcement officials, the arrested individuals were instrumental in providing crucial support to the Dubai-based kingpins. Their role involved supplying mule accounts, which are bank accounts used to facilitate illicit transactions, to enable large-scale cybercrimes. These accounts played a pivotal role in the execution of fraudulent activities across the country.

Both individuals were employed by separate private firms and had opened current accounts in the names of six different individuals at the State Bank of India’s Shamsheer Gunj branch in Hyderabad. These accounts soon became the epicenter of the fraudulent operation, witnessing a staggering Rs 175 crore in transactions within just two weeks between March and April 2024.

The scale of the fraud is staggering, with these accounts being linked to approximately 600 cybercrime cases reported nationwide. Among these, 100 cases originated from Telangana, making it a significant hub for the fraudulent activities.