Cyber Fraud Based on Bank Account: People are being tempted with promises of monthly commissions for handing over control of their bank accounts. As a result, they are becoming pawns in the schemes of fraudsters and getting entangled in legal cases. A similar incident was reported in Telangana state. Ali Beg from Mushirabad handed over his bank account operations to Aslam on his suggestion. He did not realize that transactions worth lakhs of rupees were occurring under his name. Cybercrime police discovered that funds deposited by victims of cyber fraud were being transferred into this account and subsequently arrested Ali Beg. He expressed regret, stating that he acted out of trust in his relative.
Similarly, it was uncovered during the police investigation that Aslam had collected details of 11 bank accounts and transferred them abroad. Cybercrime police have issued a lookout notice for Fariduddin, who is reportedly orchestrating these operations from Dubai. He is not the only one; hundreds of individuals in Hyderabad are acting as agents and supporting cybercriminals. The cybercrime police are now focusing on these illegal activities that are being managed from Dubai.
If You Receive a Video Call: It’s advised to turn off the front camera before answering the call.
Trusting Relatives Could Be Risky: People who have settled in places like Dubai, Singapore, and Malaysia connect with relatives and friends through social media, offering them additional sources of income. They help open current bank accounts, after which they share account details, passbooks, and SIM cards with intermediaries in Dubai, who further send them to masterminds in China. These SIM cards are reportedly being used for cyber scams involving FedEx, investments, and the stock market.
Shuffling Accounts: Cybercriminals Targeting Small Traders and the Unemployed
Cybercriminals are increasingly exploiting small traders, unemployed individuals, and even former offenders to use their bank accounts. They often set up current accounts in the names of fake businesses. These account holders are offered monthly commissions ranging from ₹5,000 to ₹10,000, or sometimes a 10% commission on the total transactions. However, the intermediaries facilitating these operations take a substantial cut, often between 25% to 30%.
The money deposited into these accounts by victims is then quickly transferred to different accounts through UPI (Unified Payments Interface). Eventually, the funds are moved abroad, especially to Dubai, using money transfer agencies via agents. Once in Dubai, the cash is converted into cryptocurrency (crypto) and further transferred to China.
This scam involves a complex web of individuals, including agents, to move illicit funds internationally, exploiting legal loopholes and untraceable digital currencies like cryptocurrency to evade authorities.
