Telangana Police Arrest 21 Individuals for Converting Scam Money into Cryptocurrency

In a major crackdown on cybercrime, the Telangana Police’s Cyber Security Bureau (TCSB) has arrested 21 individuals in the state of Telangana, India, for their involvement in a scam where they extorted money from victims and then converted it into cryptocurrencies. The operation, which took place last week, targeted two separate groups of individuals who used different methods to carry out their illegal activities.

According to reports from The Times of India, the accused individuals operated in a coordinated manner, with 13 of them using their bank accounts to withdraw the proceeds of the cybercrime. These individuals reportedly withdrew a total of 8.20 crore through cheques and then handed the money over to their accomplices, who acted as next-level agents. The remaining eight accused were responsible for collecting the withdrawn money and transferring it to a partner who was operating from foreign countries through cryptocurrency.

Shikha Goel, the Director General of TCSB, confirmed the arrests and provided further details on the operation. She stated that the cryptocurrency wallets used in the scam were linked to Dubai, and investigations were underway to identify and apprehend the individuals operating them. The arrested individuals have been identified as Ramesh Kumar, Haroon Khan, Shaikh Mateen, Mirza Hyder, Mohammed Dastagir Farhan, Noor Jahan, Mujahid Hussain, Rahamatullah, and 13 others from various parts of the state.

This incident comes in the wake of a similar cryptocurrency scam targeting senior citizens in the US and Canada, as exposed by the Central Bureau of Investigation (CBI). The increasing prevalence of such scams highlights the need for heightened vigilance and enforcement measures to combat cybercrime in the digital age.

The TCSB’s successful operation serves as a reminder of the importance of cybersecurity and the need for collaboration between law enforcement agencies to tackle online fraud and financial crimes. As investigations continue and more details emerge, it is crucial for authorities to remain vigilant and proactive in safeguarding individuals and businesses from falling victim to such fraudulent schemes.