US EditionCracking Down: Operation Octopus 2.O Unveils Pan-India Cyber Fraud Network
- Operation Octopus 2 resulted in the arrest of 52 individuals, including 32 bank employees and 15 mule account holders, across nine states in India for involvement in a cyber fraud network using 350 bank accounts linked to Rs 150 crore in fraudulent transactions.
- Raids were conducted simultaneously in multiple states including Telangana, Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Gujarat, Bihar, and Andhra Pradesh, coordinated by 16 special teams working with local police.
- Private sector banks were identified as facilitators in opening mule accounts without proper due diligence or KYC checks, raising concerns about compliance systems within these banks.
- Police seized mobile phones, cheque books, pen drives, laptops, and shell company stamps during the operation, reflecting a network designed to move money quickly and quietly.
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Times of IndiaHyderabad cops arrest 32 bank officials in Rs 150 crore mule accounts case
Hyderabad police have arrested 52 individuals, including 32 bank employees, in a multi-state operation targeting mule accounts used in a massive Rs 150 crore cybercrime scam. Cops revealed bank officials from 10 financial institutions allegedly colluded with fraudsters, opening accounts without ...
Hyderabad police bust Rs 150 crore cyber fraud, 32 bank officers held
Hyderabad: In a massive pan-India cyber fraud network involving bank officers, the Hyderabad City Police arrested 52 individuals from nine states, including Telangana. The crackdown was carried out under Operation Octopus 2, leading to the arrest of 32 banking officers, 15 mule account holders and five middlemen or suppliers. As many as 350 bank accounts, linked to 850 cybercrime cases across India, were used to siphon off victims’ money worth R…
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