Hyderabad: Police busted a major mule accounts scam in Karimnagar and arrested 13 individuals for routing illicit transactions worth hundreds of crores through fake bank accounts. The case had triggered concern across the erstwhile Karimnagar district due to its scale.
Karimnagar police said the accused opened bank accounts in the names of unsuspecting individuals and used them for illegal financial activity. So far, 24 persons were identified as part of the network, while efforts continued to trace the remaining accused.
Investigators said employees of RBL Bank, identified as Kalyan and Ayesha, played a central role in the mule accounts scam. They allegedly violated banking rules and colluded with others to create mule accounts for facilitating cryptocurrency transactions and illicit deposits.
Mule accounts scam involved ₹137 crore transactions
Commissioner of Police Ghouse Alam said the accused collected personal details from innocent individuals by offering a two percent commission. They then used those details to open bank accounts without proper intent. As a result, the accounts became conduits for illegal transactions.
Police said the gang routed transactions worth ₹137 crore through just eight mule accounts. Investigators suspect that a large portion of the funds was diverted into cryptocurrency trading and transferred to foreign bank accounts.
Among those arrested, Kalyan and Ayesha were identified as prime accused. Others included Sairam, Ranjith, Mallesham, Satyam, and Bandi Pranay. Police said the group operated in coordination to sustain the mule accounts scam across multiple transactions.
Mule accounts scam probe widens to absconding accused
Police took the main accused into custody and began detailed interrogation to trace further links. Investigators are examining which additional bank accounts were used and identifying the original sources of the funds. They are also tracking how and where the money was ultimately diverted.
Meanwhile, search operations were launched to apprehend 11 absconding suspects linked to the mule accounts scam. Officials said the investigation would continue to uncover the full extent of the network and prevent similar financial frauds.