Old-banknote fraud probe leads Hyderabad police to suspected mule-account network

Hyderabad police are investigating a suspected mule-account network linked to nearly 450 cybercrime cases. The probe began after a man lost 793,351 rupees following an offer to buy an old banknote.

Fraudsters approached him through Facebook, promising 4.5 million rupees for a one-rupee note. He transferred money but did not receive the promised payment. His complaint was received on September 25, The Hindu reported, citing police.

Investigators arrested Ramanthapur residents Gumma Ramesh, 39, and Mudale Anil, 19. They are suspected of collecting bank accounts and SIM cards for fraudsters in Haryana. Two mobile phones were seized.

Police allege that Ramesh offered students, delivery workers and other residents commissions for access to their accounts. The suspects collected passbooks, bank cards, internet-banking credentials and SIM cards, then sent them by courier to associates.

Investigators believe details were obtained from approximately 60 to 70 people. They estimate that the related transactions totalled 600 million to 700 million rupees. Those amounts and the connection to nearly 450 cases are police assessments.

Anil allegedly opened three savings accounts and passed their credentials to Ramesh for payment. Another suspect remains at large. The investigation continues, and the arrested men have not been found guilty by a court.