Karimnagar (Telangana), March 28 A large network involved in operating illegal mule bank accounts used for fraudulent financial transactions was busted on Saturday, police officials said.
The operation, nicknamed 'Operation Crackdown 1.0' by the Karimnagar police, identified 24 suspects, and 13 of them were arrested, they added.
According to Karimnagar Police Commissioner Goush Alam, the racket facilitated transactions amounting to nearly Rs 138 crore through a network of bank accounts and virtual platforms.
In a press release, he said that the accounts were allegedly used to channel proceeds from cyber frauds, often transferring the money to foreign destinations.
"Multiple cases were registered in connection with the fraud under sections 112 (deals with crimes that create public insecurity, often committed by groups or gangs), and 318(4) (deals with cheating) of the Bharatiya Nyaya Sanhita, and Section 66-D of the Information Technology Act (cheating by personation using a computer resource or communication device)," police said.
It was alleged that the cases are linked to transactions routed through RBL (Ratnakar Bank Limited) and certain virtual account platforms, including Rapid Grow Virtual services.
The arrested persons include alleged coordinators, middlemen, bank officials, and account holders from Jagtial, Peddapalli, Karimnagar, and Warangal districts, police said.
Police stated that efforts are underway to apprehend the remaining suspects and to trace the international links of the fraud.