Hyderabad: The Cyber Crime Police exposed a significant scam after a two-month undercover investigation. They arrested Shravan Kumar, who managed transactions of Rs 500 crore within this period.
The investigation showed that Shravan Kumar, from Vijayawada, created 500 fake accounts. He moved over Rs 500 crore through these accounts. The funds were initially received through online links and then transferred to fictitious companies.
Shravan Kumar set up separate fake accounts for six different companies to handle the money. The process was designed to circulate the cash through various accounts before reaching these companies. His activities extended beyond Telangana and Andhra Pradesh.
Police discovered that he had connections with cyber crime groups nationwide. He tried to cover up the money trail using fake online transactions. As a result, the Hyderabad Cyber Crime Bureau took Shravan Kumar into custody. Authorities suspect more individuals might be involved and are widening their investigation. Upon his arrest, they confiscated several debit cards, laptops, SIM cards, and fake IDs.
Cyber crime officials noted that these scams are carefully planned. Criminals deceive people using phishing links, fake websites, and fraudulent apps. The money quickly moves through these fake accounts, making detection challenging.
