₹45 lakh for old ₹1 note: Hyderabad cyber fraud probe uncovers ₹70 crore mule account network

The victim was approached through Facebook with an unusually valuable offer: ₹45 lakh in exchange for an old ₹1 currency note. The promise made the note appear far more valuable than its face value and encouraged him to engage with the fraudsters.

The fraudsters then induced him to transfer ₹7,93,351. The article does not detail every message, fee, or payment request used during the deception. It confirms that the promised ₹45 lakh was never paid after the victim sent the money.

The victim complained to Hyderabad Cyber Crime Police on September 25. Police registered a case under the Information Technology Act and Bharatiya Nyaya Sanhita, then traced the financial transactions. That investigation led them to accounts allegedly supplied by Ramesh and Anil for cyber fraud operations.

A mule account is a bank account made available to criminals for receiving, holding, or transferring money connected with fraud. The account may belong to someone recruited for a commission, while the people running the scam use its banking access. This can separate fraudsters from the money trail.

In this case, Ramesh and Anil allegedly supplied accounts, cards, credentials, and SIM cards to associates operating from Haryana. Investigators say the accounts helped facilitate the movement of funds from cyber fraud. Anil allegedly opened three savings accounts and handed their credentials to Ramesh for commission.

The suspected network is important because police linked the supplied accounts to nearly 450 cases across India. Transactions were estimated at ₹60 crore to ₹70 crore. The arrests show how investigators can connect an individual complaint to a wider account network.

Ramesh and another accused who remains absconding allegedly approached students, delivery partners, and other residents around Ramanthapur. They offered commissions in exchange for access to bank accounts and SIM cards. This recruitment created a supply of financial and phone tools for cyber fraudsters.

Police say the accused collected passbooks, ATM and debit cards, internet-banking credentials, and SIM cards from about 60 to 70 people. These items were sent by courier to associates in Haryana. Anil allegedly opened three savings accounts with different banks and gave their credentials to Ramesh for a commission.

Police said both arrested men knew the accounts and SIM cards would be used for cyber fraud. They allegedly continued supplying them for financial gain. Ramesh and Anil were arrested on October 8, and two mobile phones were seized.

The suspected network had several layers. Ramesh and Anil were arrested, while another accused is absconding. Police say the pair collected banking materials and SIM cards from approximately 60 to 70 people, including students, delivery partners, and other residents.

The supplied accounts allegedly enabled fraudulent transactions estimated at ₹60 crore to ₹70 crore. The figure represents the suspected scale of money moving through the network, not the amount lost by the single Hyderabad complainant. That victim transferred ₹7,93,351 after being promised ₹45 lakh for an old ₹1 note.

Police linked the accounts to nearly 450 cybercrime cases registered across India. The investigation began with the September 25 complaint and led to financial tracing. It is continuing into the wider network and the involvement of the absconding accused.

Victims face direct financial loss when fraud money is transferred into accounts controlled by a wider criminal network. In this case, one Hyderabad resident lost ₹7,93,351 after the promised payment for an old ₹1 note never arrived. Other linked cases may involve different victims and amounts.

For investigators, accounts and phone numbers belonging to other people can create extra steps between the victim and the fraudsters. The article describes these accounts as tools for facilitating the movement of funds. It also says SIM cards and banking credentials were supplied to associates in Haryana.

This can complicate the task of identifying who planned the fraud and who merely supplied access. However, it does not make the trail impossible to follow. Police traced financial transactions from the complaint, identified the accused’s involvement, and linked the suspected network to nearly 450 cases.

Bank accounts give cybercriminals a place to receive or move money obtained through fraud. Debit and ATM cards can provide access to account funds or banking services. Internet-banking credentials can let someone operate an account remotely. Together, these tools can support the movement of fraudulent payments.

SIM cards add a phone connection associated with the supplied banking arrangements. They can help criminals use phone-based banking processes or communicate while presenting another person’s number. The article does not specify which exact phone functions were used, but it confirms that SIM cards were collected alongside accounts and credentials.

That combination explains why police treated the materials as valuable to the suspected network. Ramesh and Anil allegedly supplied them to fraudsters in Haryana for commissions. Police said both knew the tools would be used for cyber fraud and continued supplying them for financial gain.

Financial tracing begins with the payment reported by a victim. Investigators examine where the money was sent, which account received it, and whether it moved onward through other accounts. They can then compare account holders, banking access, phone numbers, and related complaints to identify connections.

Here, the September 25 complaint provided the starting point. The victim had transferred ₹7,93,351 after a Facebook approach. Cyber Crime Police traced the financial transactions and identified the involvement of Ramesh and Anil in facilitating the movement of funds through mule accounts.

That process expanded the inquiry beyond one payment. Police linked the suspected accounts to nearly 450 cybercrime cases and estimated transactions at ₹60 crore to ₹70 crore. The investigation remains active, including examination of the wider financial network and the absconding accused.