Two Arrested for Defrauding Victim of 10.61 Crore in ED and IT Investigation Scam

Hyderabad, Oct  (IANS) Telangana Cyber Security Bureau (TGCSB) has arrested two youths who defrauded a person to the tune of Rs 10.61 crore in the name of an investigation by the Enforcement Directorate (ED) and Income Tax (IT) Department, officials said.

The accused were apprehended in Bengaluru and brought to Hyderabad following their involvement in a complex digital arrest scam, TGSCB Director Shikha Goel said on Tuesday.

The accused were identified as Vinay Kumar S. Khadke, 23, and Maruthi G.H., 28, both residents of Bengaluru.

A Hyderabad resident had filed a complaint last month, stating that he was contacted by individuals posing as Mumbai Police.

The fraudsters falsely claimed that a bank account had been opened using the victim's Aadhaar and PAN and that it was implicated in money laundering activities.

The fraudsters even sent fake letters from the ED and IT department, demanding the victim's financial details, including properties, deposits, shares, salary, etc., the TGSCB director said.

The criminals claimed that the victim was facing legal action and could face three to seven years of imprisonment.

Under the pretense of conducting an investigation, they coerced the victim into cooperating with them via online interactions and video calls.

The victim was misled into transferring a total of Rs 10.61 crore into accounts controlled by the fraudsters, believing that he was complying with law enforcement agencies.

The two accused were joint account holders of a current account under Tinkan Technologies Pvt. Ltd., where Rs 4.62 crore was transferred from the victim's account.

During the operation, police seized two mobile phones used to commit the crime.

Speaking about the modus operandi, the officials said the fraudsters exploited financially vulnerable individuals, offering them commissions in exchange for access to their bank accounts.

Once they secured access to these accounts, the accused impersonated law enforcement officials, falsely claiming the victim's bank account was involved in money laundering. They manipulated the victim into believing that an official investigation was underway, intimidating him into transferring funds.

The fraudsters used mule account holders to facilitate their fraudulent activities further, making the operation appear legitimate.

In this case, the two accused opened a current account with HDFC Bank in the name of Tinkan Technologies Pvt. Ltd., under the instruction of a third party who promised them commissions.

The probe continues to trace the more comprehensive network involved in this fraud, Shikha Goel said.

The Telangana Cyber Security Bureau has advised people to remain vigilant and to safeguard their personal and financial information. The TGCSB has also advised people to be extremely cautious when sharing sensitive information, especially with unknown individuals or sources that cannot be verified.

"No legitimate police investigation will be conducted solely over the phone or online. The public is advised to never share their bank accounts with anyone, whether known or unknown."