Hyderabad: Hyderabad Police on Thursday convened an Operation Octopus meeting with banking officials to curb cyber fraud and prevent misuse of bank accounts.
Police Commissioner V.C. Sajjanar chaired the high-level meeting with senior representatives from public and private sector banks. The discussion followed recent action under Operation Octopus, which targeted organised cyber fraud networks.
About 75 representatives from 45 banks attended the Operation Octopus meeting. These included senior officials such as regional and zonal managers, general managers, and nodal officers.
Officials said the meeting focused on preventing mule accounts and strengthening cyber fraud safeguards. Police highlighted the role of insider complicity in enabling such crimes.
Operation Octopus meeting outlines framework
The Commissioner proposed a twin-challenge framework during the Operation Octopus meeting. He said banks should prioritise customer safety and eliminate mule accounts instead of focusing on account-opening targets.
Under the framework, branches must aim for zero cybercrime victims and zero mule accounts. He asked banks to integrate these goals into performance indicators.
Additionally, officials recommended strict KYC compliance and real-time monitoring systems. They also called for disciplinary action against staff involved in fraudulent account openings.
Police advised banks to adopt advanced tools to detect suspicious activity. They also stressed the need for regular audits and stronger coordination with law enforcement agencies.
Operation Octopus meeting flags cyber risks
The Commissioner briefed participants on the modus operandi of cyber fraud networks. He said such networks often operate from countries like Cambodia, Vietnam, and Dubai while using local intermediaries.
Officials urged banks to strengthen due diligence for high-risk accounts and monitor transactions closely. They also recommended restricting transaction limits for newly opened accounts.
Furthermore, the meeting emphasised customer awareness. Banks were asked to issue alerts on fraud trends and guide victims to helpline 1930 and the cybercrime portal.
Police reiterated that no law enforcement agency demands money transfers or conducts arrests through video calls. They urged banks to display awareness material and train staff to identify suspicious transactions.
The Commissioner said Operation Octopus would continue as an ongoing initiative. He called for close coordination between banks and police to dismantle cyber fraud networks.