Telangana Cyber Security Bureau (TGCSB) has registered multiple FIRs after uncovering a network of mule accounts being used by cybercriminals to funnel funds looted from victims. Many of these accounts were found to be operated at branches of several co-operative banks.
HYDERABAD: The Telangana Cyber Security Bureau (TGCSB) has registered multiple FIRs after uncovering a network of mule accounts being used by cybercriminals to funnel funds looted from victims. Many of these accounts were found to be operated at branches of several co-operative banks.
Acting on a tip‑off, officials registered three cases and swiftly obtained data on accounts operated across several banks. Investigations revealed that account holders were paid commissions to allow deposits of illicit funds, with many accounts repeatedly linked to cybercrime complaints across Telangana and other states.
Preliminary checks showed 32 accounts opened at a bank in SR Nagar, with 69 crime links identified. Officials suspect collusion by certain bank staff, noting that 19 of the 32 account holders were from outside Telangana and that KYC verification appeared inadequate.
TGCSB officials said the accounts were used to route unlawful proceeds and conceal them through financial layering, establishing a clear pattern of organised activity.
Further scrutiny revealed 44 accounts opened in a co‑operative bank branches at LB Nagar, Chaitanyapuri, Gaddiannaram, Boduppal, Ramanthapur and Gudimalkapur, with 341 crime links traced nationwide. Similarly, two current accounts and 43 savings accounts were opened in another co‑operative bank at Balanagar, Gajularamaram, Peerzadiguda, Sitaphalmandi and Dammaiguda, with 275 crime links identified.
Officials said the accounts were repeatedly used to deceive individuals across India, underscoring the scale of cyber‑enabled fraud and the need for stricter compliance with banking guidelines.
ED seizes assets in ₹14.63 crore real estate scam
HYDERABAD: The Directorate of Enforcement (ED), Hyderabad, has attached land parcels worth ₹14.63 crore in connection with the Sai Surya Developers case, involving alleged cheating of multiple depositors under the guise of selling plots in real estate projects. According to officials, investigation under the Prevention of Money Laundering Act (PMLA) was initiated on the basis of several FIRs filed by the state police against Sathish Chandra Gupta, proprietor of Sai Surya Developers, and others. The police chargesheets allege that Gupta collected money from complainants but failed to register the promised land, thereby defrauding investors.
The ED probe revealed a fraudulent scheme involving unauthorised layouts, sale of the same plots to multiple buyers, collection of payments without valid agreements, and false assurances of registration. Officials said Gupta induced numerous investors to part with substantial sums, causing wrongful loss to victims and corresponding gain to himself and his entities.
“Multiple bank accounts were maintained in the name of Sathish Chandra Gupta, his family members, and his firms. The total quantified proceeds of crime amount to ₹14.63 crore, collected through cheques, transfers and cash payments,” the ED stated.
Analysis of the accounts showed deliberate layering of funds through complex inter‑account transfers among related entities and individuals, designed to disguise the origin of the money.
