The Hyderabad City Police have successfully taken down a nationwide cyber fraud network by apprehending 52 individuals, which includes 32 bank officials from nine states. This operation, named Operation Octopus 2.0, was carried out by sixteen special teams simultaneously across the nine states over a week. Among those arrested were officials from various banks like Indusind Bank, Bandhan Bank, Bank of Baroda, Federal Bank, IDFC First Bank, Karnataka Bank, Karur Vysya Bank, AU Small Finance Bank, Equitas Small Finance Bank, and HDFC Bank.
The arrested individuals, including bank officials, were involved in executing fraudulent activities. Additionally, fifteen mule account holders who allowed their accounts to be used for illegal fund transfers were also taken into custody. The police also detained account suppliers and aggregators who played crucial roles in aiding the movement of funds for the fraudsters. Various items such as mobile phones, cheque books, pen drives, a laptop, and shell company stamps were seized during the operation.
The police commissioner highlighted the surge in investment scams, trading frauds, and digital arrest scams that exploit victims through manipulation, intimidation, and emotional coercion, resulting in significant financial losses. The successful execution of Operation Octopus 2.0 was a result of the previous Operation Octopus–1, which targeted illegal networks involving 350 bank accounts linked to around 850 cases across India with transactions amounting to nearly Rs 150 crore. Operation Octopus 2.0 focused on apprehending bank officials involved in facilitating cyber fraud through mule bank accounts.
Despite facing operational challenges across multiple states, the police teams managed to coordinate effectively with local law enforcement agencies to carry out precise actions. The operation, led by 16 special teams, targeted bank officials in Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Gujarat, Andhra Pradesh, Telangana, and Bihar. The police commissioner emphasized the need for stricter due diligence and KYC verification processes in private sector banks to prevent the misuse of accounts for fraudulent activities.
