Mule Account Racket Busted in Cyberabad: Four Arrested Including Bank Officials in Cyber Fraud Case
Mule account racket busted in Cyberabad as cyber crime police arrest four including bank officials; ₹6.67 lakh cyber fraud trail under probe.
In a significant development, the Cyberabad cybercrime police busted a mule account racket, arresting four individuals, including two bank officials, for their alleged role in enabling online fraud transactions through fake firms.
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How the Mule Account Racket Operated
According to investigators, the accused created a fake company named “Star Agro Industries” and used forged documents to open a current account.
Key findings include:
- Fake business documents were used to open a Yes Bank current account
- Over ₹6.67 lakh was routed through the account
- Transactions were linked to multiple online fraud cases
- Fraud activities reportedly took place in October 2025
Accused Arrested in Cyberabad Mule Account Scam
Police arrested the following individuals:
- Jawwad Qadri Rifai (28) – Mule account supplier
- Mohammed Naushad (26) – Mule account provider
- Pamula Pranavaraj (46) – Sales manager at Jubilee Hills Mercantile Co-operative Urban Bank
- Shankar Rathi (51) – Bank branch manager
Authorities said investigations revealed that over 30 mule accounts were allegedly opened at the same branch.
Investigation Continues to Trace Victims
The accused were taken into custody on February 26, 2026, and further probe is underway to:
- Identify additional victims
- Freeze suspected proceeds of fraud
- Track wider cyber fraud network links
Cyber Police Advisory to Citizens
Following the Cyberabad mule account racket bust, police issued a public warning:
- Never share bank accounts, SIM cards, or KYC documents
- Do not share OTPs with anyone
- Invest only through SEBI-registered brokers
- Report cyber fraud immediately via helpline 1930
Cyberabad Mule Account Racket Bust Highlights Growing Cyber Fraud Threat
The mule account racket in Cyberabad highlights how fraudsters misuse banking systems with insider help. Authorities have urged citizens to stay alert and report suspicious activity promptly.
Munsif News 24×7 reports that police are continuing the investigation to dismantle the entire network involved in the cyber fraud case.
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