Hyderabad: The Cyber Crime Police of Hyderabad arrested six individuals in connection with a Rs 1.22 crore investment trading fraud.
Investigations revealed the operation of a network of mule bank accounts used to route cybercrime proceeds. The accounts were allegedly utilised for online trading and money laundering activities.
The arrests mark a significant step in disrupting financial networks supporting cyber fraud, the police said on Wednesday.
Three of the accused are residents of Maharashtra, while two are from Maharashtra. The sixth accused is from Andhra Pradesh.
According to police, in January 2026, the victim, a resident of Hyderabad, was induced through a WhatsApp investment group named ‘282 BARCLAYS India High-Quality Stock Trading Research Group’. He invested through fake platforms www.BarclaysDailyTrading.com and app.bulishmark.com after being promised high returns and IPO allotments.
Initially, he was allowed to withdraw Rs 1,05,000 to gain confidence. Thereafter, he invested Rs 1,22,18,029.50 in 19 transactions. The fraudsters falsely displayed profits of Rs 15.69 crores and demanded an additional Rs 35 lakhs for the release of IPOs.
According to V. Arvind Babu, Deputy Commissioner of Police (DCP), Cyber Crimes, investigation revealed that one of the key accused established a company with the objective of opening high-value current bank accounts and subsequently sharing internet banking credentials with third parties. These accounts were utilised for routing proceeds of cybercrime and collections generated through online Trading platforms.
The investigation further disclosed that genuine business accounts were procured through commission-based arrangements, while additional accounts were activated by employing remote access mechanisms and manipulation of OTPs. The accused persons allegedly earned commissions for facilitating, procuring, and supplying such bank accounts to various entities involved in illegal activities.
It was further found that a YES Bank account supplied by one of the accused was linked to a total of 26 cases across India, including four cases registered in Telangana. Analysis of the account transactions revealed credits and debits amounting to Rs 1,10,86,009 through the said account. Similarly, a Central Bank of India account supplied by two accused was found to be linked to 18 cases across India, including two cases registered in the State of Telangana. Transaction analysis revealed that a total amount of Rs 3.37 crore was routed through the said account. The account was allegedly utilised for online trading platforms.
The findings indicate the active involvement of the accused persons in facilitating and providing bank accounts that were subsequently used for laundering and transferring proceeds derived from cybercrime and other unlawful online activities.
(IANS)
