Mule Accounts Scam Busted in Telangana: ₹137 Crore Fraud Exposed, 13 Arrested
Karimnagar mule accounts scam busted with ₹137 crore fraud, 13 arrested, police probe bank employees and cryptocurrency links.
In a major breakthrough, police have busted a multi-crore mule accounts scam in Karimnagar, exposing illegal transactions worth ₹137 crore. So far, 13 people have been arrested, while several others are still under investigation.
Table of Contents
What is the Mule Accounts Scam?
The Karimnagar mule accounts scam involved opening bank accounts in the names of innocent people and using them for illegal money transfers.
Key highlights:
- Accounts opened using personal details of unsuspecting individuals
- Victims were offered small commissions (around 2%)
- Accounts used for large-scale illegal financial transactions
₹137 Crore Transactions Through Fake Accounts
Police investigations revealed shocking details:
- ₹137 crore transactions conducted using just 8 mule accounts
- Funds were routed into cryptocurrency trading
- Money also transferred to foreign bank accounts
This makes it one of the largest financial scams in Karimnagar region.
Bank Employees Involved in Scam
Authorities confirmed that two bank employees played a key role:
- Kalyan
- Ayesha
They allegedly violated banking rules and helped create mule accounts for illegal transactions.
Other Accused and Arrests
Among those arrested in the case:
- Sairam
- Ranjith
- Mallesham
- Satyam
- Bandi Pranay
Police have identified a total of 24 individuals involved, with 11 still absconding.
Ongoing Investigation
Police officials are continuing the investigation to:
- Trace additional bank accounts linked to the scam
- Identify the source of funds
- Track where the money was diverted
Search operations are underway to arrest the remaining accused.
Police Warning to Public
Authorities have warned citizens:
- Do not share personal documents for unknown offers
- Avoid opening bank accounts for others
- Report suspicious financial activities immediately
The Karimnagar mule accounts scam involving ₹137 crore highlights the growing threat of financial fraud and misuse of banking systems. With 13 arrests made, police are continuing efforts to uncover the full network and bring all culprits to justice.
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