Hyderabad Police's 'Operation Octopus 2.0' has successfully dismantled a vast cyber fraud network, leading to the arrest of 52 individuals, including complicit bank officials, across nine states in India.
Key Points
- Hyderabad Police dismantled a pan-India cyber fraud network in 'Operation Octopus 2.0'.
- 52 individuals were arrested across nine states, including bank officials and mule account holders.
- The network facilitated investment scams, trading frauds, and 'digital arrest' scams.
- The fraudsters used 350 bank accounts to siphon off victims' funds, amounting to nearly Rs 150 crores.
- 'Operation Octopus 2.0' builds on the success of 'Operation Octopus 1', which led to 117 arrests.
Hyderabad Police on Sunday said that they have dismantled a pan-India cyber fraud network involving bank officials by arresting 52 accused across nine states.
Under 'Operation Octopus 2.O', as many as 32 bank officials, 15 mule account holders and five middlemen were apprehended for complicity, Hyderabad Police Commissioner V C Sajjanar said in a release.
Details of Operation Octopus 2.0
The operation launched recently led to the arrest of bank officials who were found to be in connivance in the opening of mule bank accounts, which were used to facilitate cyber frauds, he said.
Police said there has been a significant rise in investment scams, trading frauds, and "digital arrest" scams, wherein fraudsters exploit victims through manipulation, intimidation, and emotional coercion, leading to substantial financial losses.
Impact of the Cyber Fraud Network
Recognising the seriousness of the situation, 'Operation Octopusâ 1' was conceptualised to deliver a decisive strike against these illegal networks. Through an intensive investigation into the surge of such frauds, the Cyber Crime Police Station (CCPS), uncovered a nexus of 350 bank accounts used to siphon off victims' funds, police said.
These accounts were linked to approximately 850 cases across the country involving transactions amounting to nearly Rs 150 crores, police said.
Previous Operation and Continued Efforts
Accordingly, in February this year, 'Operation Octopusâ 1' was executed across 16 states by 32 police teams, resulting in the arrest of 117 accused persons.
Building on the outcomes of Operation Octopusâ 1, Operation Octopus 2.O was launched, they said.
The operation Octopus 2.O was executed simultaneously across nine states with 16 special teams deployed to identified bank official targets in Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Gujarat, Andhra Pradesh, Telangana and Bihar. The operation went on for seven days, and 52 individuals, including bank officials who played pivotal roles in the execution of the fraud, were apprehended, police said.
The mule account holders knowingly permitted their bank accounts to be used for layering and laundering illicit funds; the five key middlemen were responsible for procuring these accounts and facilitating the movement of funds to the masterminds, police added.
The entire operation was conducted under the direct supervision of DCP (Cybercrimes) V Aravind Babu and ACP (Cyber Crime police station) R G Siva Maruthi, the release added.
