Three held for operating mule accounts in ₹52-lakh cyber fraud case
Visakhapatnam police arrested three individuals for operating mule bank accounts used by a Dubai-based cyber fraud syndicate. The group scammed victims by posing as stock market experts and promoting a fake trading application.
Why it matters
It underscores the growing threat of international cybercrime syndicates targeting individuals through sophisticated financial fraud.
The Visakhapatnam cybercrime police arrested three persons for operating mule bank accounts for an international cyber fraud syndicate based in Dubai.
The accused, identified as Syed Ali Abbas Hussain Jaffri, Shaik Yousuf, and Zakir Hussain from Hyderabad, orchestrated financial transactions via mule accounts under instructions from overseas masterminds named Shaibaz and Suleman.
The police cracked the case following a complaint from a school librarian in Visakhapatnam who lost ₹51.25 lakh to a fake trading scam.
The fraudsters contact the victim via WhatsApp, pose as American stock market experts, and direct her to download a fraudulent trading application named “SALTORO IN”.
They lured her into investing heavy amounts in shares and Initial Public Offerings (IPOs) promising high returns. Another victim lost ₹91,500 through the same modus operandi.
Technical analysis, bank transaction tracking, and field investigations revealed that the funds move from layer-1 to layer-2 bank accounts.
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