Three held for operating mule accounts linked to Dubai cyber fraud syndicate
The Visakhapatnam cybercrime police arrested three persons for allegedly operating mule bank accounts on behalf of an international cyber fraud syndicate based in Dubai.
The arrested persons were identified as Syed Ali Abbas Hussain Jaffri, Shaik Yousuf, and Zakir Hussain, all residents of Hyderabad. Police said the trio facilitated financial transactions through mule bank accounts under the instructions of overseas handlers, identified as Shaibaz and Suleman.
The arrests were made during the investigation into a complaint filed by a school librarian from Visakhapatnam, who was allegedly cheated of ₹51.25 lakh in a fake online trading scam.
According to the police, the fraudsters contacted the victim through WhatsApp, posing as American stock market experts. They persuaded her to download a fraudulent trading application, “SALTORO IN,” and invest substantial amounts in shares and Initial Public Offerings (IPOs) by promising high returns.
In another case involving the same modus operandi, a victim was allegedly cheated of ₹91,500.
Investigators said technical analysis, scrutiny of bank transactions, and field investigations revealed that the defrauded money was routed through multiple bank accounts, moving from layer-1 to layer-2 accounts before being transferred further as part of the laundering process.
Police are continuing the investigation to identify the overseas masterminds and trace the remaining money trail.