The Cyber Crime Police in Hyderabad have apprehended six individuals linked to a Rs 1.22 crore investment trading scam. Investigations uncovered a network of mule bank accounts used for channeling cybercrime proceeds, allegedly involved in online trading and money laundering. This action is seen as a significant move in disrupting financial networks supporting cyber fraud, as stated by the police.
Three of the accused hail from Maharashtra, while two are residents of Andhra Pradesh. The sixth individual is from Maharashtra. The victim, a Hyderabad resident, was lured in January 2026 through a WhatsApp investment group called ‘282 BARCLAYS India High-Quality Stock Trading Research Group’. He fell prey to promises of high returns and IPO allotments, leading to investments through fake platforms like www.BarclaysDailyTrading.com and app.bulishmark.com.
The victim initially withdrew Rs 1,05,000 to build trust, following which he invested Rs 1,22,18,029.50 in 19 transactions. The fraudsters deceitfully showed profits of Rs 15.69 crores and demanded an extra Rs 35 lakhs for IPO releases. Deputy Commissioner of Police (DCP) V. Arvind Babu mentioned that investigations revealed a key accused setting up a company to open high-value current bank accounts, later sharing internet banking credentials with others for routing cybercrime proceeds.
Further scrutiny showed that the accused earned commissions for providing bank accounts used in illegal activities. A YES Bank account linked to one accused was tied to 26 cases nationwide, with transactions totaling Rs 1,10,86,009. Similarly, a Central Bank of India account linked to two accused was connected to 18 cases across India, with transactions amounting to Rs 3.37 crore. These accounts were allegedly used for online trading platforms.
The findings suggest the active involvement of the accused in facilitating bank accounts for laundering proceeds from cybercrime and other illicit online activities.
