Hyderabad: An elderly couple from the city has fallen victim to a shocking cyber fraud that cost them Rs 10.61 crore. The cybercriminals used fear tactics, including threats of a “digital arrest” and fake investigations, to deceive the couple over several months. The Telangana Cyber Security Bureau (TGCSB) is now investigating the case after the couple filed a formal complaint.
How the Fraud Began
The unfortunate incident started in June when the 73-year-old victim was hospitalised. During this time, he received a phone call from a person pretending to be an official from the State Bank of India (SBI). The caller informed him that a bank account had been opened in Mumbai using his Aadhaar card details and that attempts were being made to withdraw money from it.
Confused and alarmed, the elderly man denied having any bank account in Mumbai. The caller then suggested that he file a complaint with the Mumbai police and provided him with a phone number. In a further attempt to escalate the situation, the caller falsely claimed that his credentials were being misused to open a bank account involved in money laundering.
Fake Documents and False Investigations
To make their claims seem legitimate, the cybercriminals sent documents through WhatsApp that appeared to be from the Enforcement Directorate (ED) and the Income Tax (IT) Department. The elderly man was told that his assets, as well as those in his wife’s name, were under suspicion of being linked to illegal activities.
The fraudsters then pressured the couple into proving their innocence. They assured them that once the verification process was complete, the transferred money would be returned to them within three days.
Adding to the fear, the criminals conducted fake investigations over video calls, appearing dressed as police officers to intimidate the couple further. The victims, believing they were dealing with genuine authorities, complied with their demands.
The Loss of Rs 10.61 Crore
Under this immense pressure, the elderly couple began transferring their funds in multiple installments, totaling Rs 10.61 crore. Each time, they were reassured by the fraudsters that the money would be returned after the investigation was completed. However, after the transfers were made, all communication from the cybercriminals abruptly stopped.
It was only then that the couple realized they had been duped. Left with no other option, they approached the Telangana Cyber Security Bureau (TGCSB) and filed a complaint, launching a full investigation into the cyber fraud.
Investigation Uncovers ‘Mule Accounts’
During the investigation, authorities traced the bank accounts used for the scam to several locations across India, including Jhansi, Gorakhpur, and Varanasi in Uttar Pradesh, Bengaluru in Karnataka, Gurugram in Haryana, and even in Bihar and Manipur. These accounts were identified as “mule accounts”—bank accounts opened by criminals specifically for receiving fraudulent funds in exchange for a commission.
Mule accounts allow cybercriminals to move stolen funds across different locations without being directly linked to the crime, making it difficult for law enforcement to track the true perpetrators.
The Telangana Cyber Security Bureau Steps In
The Telangana Cyber Security Bureau (TGCSB) has taken charge of the case and is actively pursuing leads to track down the fraudsters. Authorities have warned the public, especially elderly citizens, to remain vigilant against such scams and to verify any suspicious calls or messages directly with the concerned bank or law enforcement agencies.
This case serves as a stark reminder of the growing threat of cybercrime, particularly targeting vulnerable individuals such as senior citizens. The scare tactics employed by these fraudsters, including threats of a digital arrest and fake investigations, demonstrate just how sophisticated and ruthless cybercriminals can be. Authorities urge the public to remain cautious and report any suspicious activities immediately to the appropriate authorities.
Stay tuned for further updates on the case and how the Telangana Cyber Security Bureau is working to bring the culprits to justice.
