Hyderabad Cyber Police Uncover 1,888 Mule Accounts in 137 Bank Branches
In a significant crackdown on cybercrime, the Telangana Cyber Security Bureau (TGCSB) conducted a special drive on Wednesday, revealing the existence of 1,888 mule bank accounts opened by accused cyber fraudsters across 137 bank branches. This discovery highlights a widespread network of illicit financial activities that have been operating under the radar.
Extensive Network Linked to Thousands of Cases
Police investigations have established that these mule accounts are connected to a staggering 9,431 cases registered in various parts of the country. Among these, 782 cases are specifically within Telangana, indicating a substantial local impact. The accounts were used to facilitate fraudulent transactions, making it challenging for authorities to trace the flow of illicit funds.
Potential Involvement of Bank Officials Under Scrutiny
TGCSB director Shikha Goel emphasized that the investigation will explore the possibility of bank officials playing a role in the opening of these mule accounts. "Police inspected 137 bank branches and collected KYC details of suspicious mule account holders. The checking and verification are presently underway," she stated. Initial findings suggest that many branches had multiple mule accounts, raising concerns about internal compliance failures.
Notable Cases Highlight Systemic Issues
Officials provided specific examples that underscore the scale of the problem:
- A single account operating from Sultan Bazar was linked to 496 crime complaints across multiple jurisdictions, demonstrating how one point can enable widespread fraud.
- In Suryapet district, four bank branches alone contained 298 accounts connected to various jurisdictions, revealing concentrated hotspots of illegal activity.
These cases illustrate how cybercriminals exploit banking systems to launder money and evade detection, often using unsuspecting individuals or compromised identities.
Ongoing Efforts and Future Actions
The special drive is part of a broader initiative to combat cyber fraud, and officials have confirmed that it will continue. By scrutinizing KYC documents and collaborating with financial institutions, authorities aim to dismantle these networks and prevent future occurrences. This proactive approach seeks to enhance bank security protocols and hold accountable those involved, whether directly or through negligence.
As the verification process advances, more details are expected to emerge, potentially leading to arrests and policy reforms to safeguard the banking sector from similar exploits.
