Hyderabad, June 24: The Hyderabad Cyber Crime Police have arrested six individuals involved in an investment trading fraud amounting to ₹1.22 crores.
The investigation revealed that the accused operated a network of fake bank accounts, known as mule accounts, to transfer money obtained through cybercrime. These accounts were utilized for online trading and money laundering activities.
On Wednesday, police announced that this arrest marks a significant breakthrough in dismantling a financial network promoting cyber fraud.
Among the arrested are three individuals from Maharashtra, two from Rajasthan, and one from Andhra Pradesh.
According to police, a resident of Hyderabad fell victim to a WhatsApp group in January 2026, where he was lured into investing by promises of high returns and IPO allocations on fraudulent platforms.
Initially, he was allowed to withdraw ₹1.05 lakhs to build trust, leading him to invest a total of ₹1,22,18,029.50 across 19 different transactions.
The fraudsters falsely showed a profit of ₹15.69 crores in his account and subsequently demanded an additional ₹35 lakhs under the pretext of issuing an IPO.
The Deputy Commissioner of Police for Cyber Crime stated that the investigation uncovered that a main accused had formed a company to open high-value current bank accounts. The internet banking details of these accounts were later shared with others.
These accounts were used to transfer money obtained from cybercrime and funds raised through online trading platforms.
The investigation also revealed that business bank accounts were acquired in exchange for commissions, while some other accounts were activated through remote access and manipulation of OTPs. The accused charged commissions for providing and managing these bank accounts.
One bank account provided by an accused was linked to 26 cases nationwide, including four cases from Telangana, with transactions exceeding ₹1.10 crores.
Similarly, a Central Bank of India account provided by two other accused was connected to 18 cases across the country, including two from Telangana, with transactions amounting to approximately ₹3.37 crores. Police confirmed that this account was being used for online trading platforms.
The investigation has shown that the accused were actively involved in providing and operating bank accounts to conceal and transfer money obtained from cybercrime and other illegal online activities.
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