In a major breakthrough, the Hyderabad Cyber Crime Police have dismantled a pan-India cyber scam network. Fifty-two individuals were arrested, including banking professionals, who played pivotal roles in orchestrating the fraud. Among those there were deputy manager, an assistant vice-president, and a sales manager from prominent private banks.
The cyber syndicate is linked to 33 significant financial fraud cases, amounting to a staggering ₹88.3 crore in losses. The network spanned multiple states, including Gujarat, Karnataka, Andhra Pradesh, Delhi, Uttar Pradesh, Maharashtra, West Bengal, Bihar, and Telangana. During the investigation, the police uncovered a complex scheme involving fraudulent transactions and deceptive practices targeting digital financial platforms.
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Involvement Of Banking Officials
The mastermind behind the scam included banking officials who misused their positions to facilitate illegal financial transfers. Shubham Kumar Jha, a deputy manager at RBL Bank in Bangalore, used his access to sensitive financial data to make unauthorized transactions. Haroon Rasheed Imamuddin Dharawad, an assistant vice-president at Axis Bank, bypassed banking protocols, approving fraudulent transactions. Kata Srinivasa Rao, a sales manager at Kotak Mahindra Bank, assisted in opening fake accounts and recruiting individuals for investment scams worth ₹2.98 crore.
Fraud Types And Recovery
The police identified various types of scams within the network, such as investment frauds, trading scams, job frauds, data theft, social media frauds, and illegal cryptocurrency transactions. In the operation, authorities confiscated ₹47.9 lakh in cash, cryptocurrency worth ₹40 lakh, and froze ₹2.87 crore in bank accounts linked to the accused. Additionally, they seized 43 mobile phones, 39 ATM cards, 17 passbooks, 54 cheque books, and several identity documents used for fraudulent activities.
The successful operation was a result of close coordination between law enforcement agencies across different states. Using advanced digital forensics and financial tracking methods, the police followed the digital footprints of the fraudsters. By meticulously analyzing banking records and tracing the movement of illicit funds, officials successfully uncovered the culprits behind the scam.
Cyber Crime Achievements In 2024
Looking back at 2024, Commissioner C.V. Anand reported significant progress in combating financial fraud. The Hyderabad Cyber Crime Police investigated 354 cybercrime cases, leading to the arrest of 300 individuals. This included 294 men and six women. A total of 511 individuals were apprehended under preventive warrants and legal notices. Authorities managed to refund ₹41.34 crore to victims. Additionally, ₹41.22 crore was frozen via the National Cybercrime Reporting Portal, with an extra ₹80.16 crore on hold as investigations continue.
The success of this operation highlights the growing efforts of Hyderabad Police in curbing cybercrime. By using state-of-the-art technology, coordinating with agencies nationwide, and securing financial recoveries, they continue to make strides in protecting citizens from cyber frauds.
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