₹45 lakh for old ₹1 note: Hyderabad cyber fraud probe uncovers ₹70 crore mule account network
Hyderabad police have uncovered a massive cyber fraud network involving mule accounts that facilitated transactions worth up to ₹70 crore. Two individuals were arrested for collecting bank credentials and SIM cards from locals to support fraudulent operations based in Haryana.
Why it matters
The rise of organized mule account networks highlights the growing sophistication of cybercrime and the vulnerability of individuals to financial exploitation.
An investigation into a cyber fraud in which a Hyderabad resident was cheated of ₹7.93 lakh after being promised ₹45 lakh for an old ₹1 currency note has led the Hyderabad Cyber Crime Police to a suspected mule account network linked to nearly 450 cases across India, involving transactions estimated at ₹60 crore to ₹70 crore.
Two persons, identified as Gumma Ramesh, 39, and Mudale Anil, 19, both residents of Ramanthapur, were arrested on October 8 for collecting bank accounts and SIM cards from unsuspecting individuals and supplying them to cyber fraudsters operating from Haryana.
According to the police, Ramesh, who previously lived in Bidar, Karnataka, moved to Hyderabad with his family due to financial difficulties. He began working as a driver using a rented car, during which he developed contacts with cyber fraudsters.
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