Under a police operation called “Operation Octopus 2.0”, the Hyderabad police busted a big fraud network and arrested people from different roles who were working together in the scam across India. Police caught a total of 52 people involved in cyber fraud. Among them 32 were bank officials, 15 were mule account holders and 5 were middlemen (people who helped connect the criminals and manage the operation).
The police commissioner, V. C. Sajjanar, said that all these people were involved in helping or supporting the fraud activities.
How the gang carried out the fraud?
The gang cheated people using Fake investment schemes, Trading scams and “Digital arrest” scams (where victims are threatened online). Some bank officials allegedly assisted in opening fake or unauthorized bank accounts, which were then used to transfer and conceal stolen money. Mule account holders allowed their accounts to be used for these fraudulent activities, often in exchange for a commission. Middlemen played a key role by arranging such accounts and facilitating the movement of funds, ultimately routing the money to the main criminals behind the operation. Middlemen was the one who helped connect the criminals and manage the operation).
How this operation worked?
Police formed 16 teams and raided different states like Maharashtra, Delhi, Bihar, etc. They seized: mobile phones, cheque books, laptop, pen drives and fake company stamps. The operation lasted 7 days.
Around 350 bank accounts were used in the operation, which were linked to nearly 850 fraud cases across India. The total amount involved in these fraudulent activities is estimated to be around ₹150 crore.
While investigation Police found that some banks did not properly check customers (KYC rules), which made fraud easier. Police said they have a “zero tolerance” policy for such crimes and that anyone involved, including bank officials, will face strict action. They also said the investigation is still going on and efforts are being made to catch the main masterminds behind the operation.
Before this, police had done Operation Octopus-1, where 117 people were arrested across 16 states.
