Hyderabad Police takes down pan-India cyber scam; bankers among 52 arrested

 The Hyderabad Cyber Crime Police dismantled a pan-India cyber fraud network by arresting 52 people, including a deputy manager, an assistant vice-president, and a sales manager from three private banks. The syndicate was involved in 33 major financial fraud cases, resulting in losses amounting to ₹88.3 crore.

The operation, conducted by seven specialised teams, spanned multiple States, including Gujarat, Karnataka, Andhra Pradesh, Delhi, Uttar Pradesh, Maharashtra, West Bengal, Bihar, and Telangana.During the investigation, officials identified a complex network of fraudulent transactions and deceptive schemes that exploited digital finance platforms, said Commissioner of Hyderabad Police C.V. Anand. The police identified 576 related cases across India, with 74 registered in Telangana alone, he said.

“The masterminds behind the racket were key banking officials who misused their positions to facilitate illegal money transfers, launder funds, and recruit unsuspecting victims. Key players included Shubham Kumar Jha, deputy manager at RBL Bank in Bangalore, who exploited his access to sensitive financial data to carry out unauthorised transactions. Haroon Rasheed Imamuddin Dharawad, assistant vice-president at Axis Bank, who bypassed standard banking protocols to approve fraudulent transactions, allowing the syndicate to siphon off large sums of money. Kata Srinivasa Rao, sales manager at Kotak Mahindra Bank, facilitated the opening of fraudulent accounts and recruited customers into investment scams linked to trading frauds worth ₹2.98 crore,” explained the officer.

The types of fraud uncovered in the operation included investment frauds, trading scams, job frauds, data theft, social media scams, and illegal cryptocurrency transactions.Police confiscated ₹47.9 lakh in cash, cryptocurrency worth ₹40 lakh, and froze ₹2.87 crore in the accused’s bank accounts. Additionally, they recovered 43 mobile phones, 39 ATM cards, 17 passbooks, 54 cheque books, and several identity documents used to facilitate fraudulent activities.

“Hyderabad Police coordinated with law enforcement agencies across various States to track and apprehend the fraudsters. The operation relied on advanced digital forensics, financial tracking, and intelligence-sharing between police units. Officials meticulously analysed banking records and digital footprints to identify the movement of illicit funds and unmask the individuals behind the scams,” added the Commissioner.

Case 1: https://x.com/CVAnandIPS/status/1884677797270216768

Case 2:  https://x.com/CVAnandIPS/status/1884677797270216768

Case 3: https://x.com/CVAnandIPS/status/1884677797270216768

The Hyderabad City Police also launched a Cyber fraud awareness campaign with Parimal Finance.