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

An investigation into a cyber fraud in which a Hyderabad resident was cheated of ₹7.93 lakh after being promised ₹45 lakh for an old ₹1 currency note has led the Hyderabad Cyber Crime Police to a suspected mule account network linked to nearly 450 cases across India, involving transactions estimated at ₹60 crore to ₹70 crore.

Two persons, identified as Gumma Ramesh, 39, and Mudale Anil, 19, both residents of Ramanthapur, were arrested on October 8 for collecting bank accounts and SIM cards from unsuspecting individuals and supplying them to cyber fraudsters operating from Haryana.

According to the police, Ramesh, who previously lived in Bidar, Karnataka, moved to Hyderabad with his family due to financial difficulties. He began working as a driver using a rented car, during which he developed contacts with cyber fraudsters.

Investigators found that Ramesh, along with another accused who is absconding, approached students, delivery partners and other residents in and around Ramanthapur, offering commissions in exchange for access to their bank accounts and SIM cards.