In a significant crackdown on a sprawling international cybercrime network, the Khammam police on Sunday announced the arrest of 18 individuals who allegedly operated as mule account holders. These arrests are linked to a massive financial fraud where an estimated Rs 547 crore was illegally diverted abroad.
Masterminds at Large, Mule Network Busted
While the police have apprehended the foot soldiers, the four alleged masterminds of this sophisticated racket remain fugitives. The prime accused have been identified as P Manoj Kalyan, U Vikas Chowdary, Bhanu Priya, and M Satish. According to investigators, the accused lured young people by promising them jobs. Once these youngsters were convinced, they were persuaded to open bank accounts. The accused then illicitly obtained and used the banking credentials of these accounts to execute large-scale cyber frauds.
"These mule accounts were used to launder cyber fraud victims’ money. The accused also paid the mule account holders," stated Khammam Police Commissioner Sunil Dutt. This revelation highlights a disturbing trend where economically vulnerable youth are being exploited to facilitate high-tech financial crimes.
Modus Operandi: From India to Cambodia via Crypto
The investigation has uncovered a complex web of transactions spanning international borders. The wanted accused are believed to have provided these mule accounts to cyber fraudsters operating from Cambodia and other foreign countries. The illicit funds from various cybercrimes were first funneled into these Indian mule accounts.
From there, the key accused, including Kalyan, transferred the money into their personal bank accounts. In a final step designed to obscure the money trail, the accused converted the stolen money into cryptocurrency and diverted it to their handlers overseas. This use of digital currency made tracking the funds exceptionally challenging for authorities.
Staggering Sums Diverted Since 2022
The police have traced mind-boggling sums of money flowing through the personal accounts of the accused since the racket began in 2022. The financial trail reveals:
- Rs 114 crore was credited to P Manoj Kalyan's personal current account.
- Rs 45 crore was found deposited in accounts belonging to his wife, Bhanu Priya.
- His brother-in-law, M Satish, received Rs 135 crore in his account.
- Another Rs 81 crore was credited to an account under the name Nagalakshmi before being sent abroad.
This is not Kalyan's first brush with the law. His role had previously surfaced in a job fraud case investigated by the Cyberabad cyber crime police, though he managed to evade arrest at that time. The current case underscores the escalating scale and sophistication of cyber fraud networks operating with international links, posing a severe threat to financial security in India.
