Hyderabad: Cyberabad Cyber Crime Police busted a mule account racket and arrested four persons, including two bank officials of Jubilee Hills Mercantile Co-operative Urban Bank Ltd., for allegedly facilitating online fraud through fake business accounts. Police said the accused enabled cyber fraud by opening mule accounts under fabricated firms.
According to DCP (Cybercrimes) T Sai Manohar, the accused created a fake firm named “Star Agro Industries” and forged documents to open a current account linked to Yes Bank. In October 2025, more than ₹6.67 lakh was routed through the account in connection with online fraud cases. Investigators said the mule account racket operated by supplying and managing bank accounts used to divert illegal funds.
Police identified the arrested accused as Jawwad Qadri Rifai (28), a mule account supplier, and Mohammed Naushad (26), a mule account provider. They also arrested Pamula Pranavaraj (46), a sales manager at the bank, and Shankar Rathi (51), the branch manager.
Over 30 accounts linked to mule account racket
The DCP said the investigation revealed that more than 30 mule accounts were allegedly opened at the same branch. Police apprehended the accused on February 26, 2026. Further investigation is under way to identify additional victims and freeze the proceeds of crime.
Officials warned citizens not to share or lend their bank accounts, SIM cards or KYC documents for money. They also advised people not to share OTPs with anyone. Moreover, they urged investors to deal only with brokers registered with the Securities and Exchange Board of India (SEBI).
Victims of cyber fraud can dial 1930 for immediate assistance or lodge complaints at cybercrime.gov.in, police said.