Hyderabad is witnessing cyber fraud losses of nearly ₹1 crore every day, with mule bank accounts and illegally activated ghost SIM cards emerging as major challenges for law enforcement agencies, Hyderabad Police Commissioner V.C. Sajjanar said. He stressed the need for coordinated action among banks, telecom companies, regulators and police agencies to tackle organised cybercrime networks.
Police Commissioner Flags Role of Mule Accounts and Ghost SIMs
Addressing the National Round Table on Digital Trust & Citizen Protection, organised by the Federation of Telangana Chambers of Commerce and Industry (FTCCI) in association with Hyderabad City Police and Protiviti India, Sajjanar said cybercriminals are increasingly using mule accounts and ghost SIM cards to execute financial frauds.
The event saw participation from more than 200 representatives, including police officials, bankers, cybersecurity experts, legal professionals, industry leaders and government representatives.
Sajjanar explained that mule bank accounts are often created using stolen identities or forged documents and are used to quickly transfer fraudulently obtained money through multiple accounts. He added that illegally activated SIM cards further help criminals conceal their identities and operations.
Call for Stronger Coordination Between Stakeholders
The Commissioner said banks, telecom operators, regulators and law enforcement agencies must work together to identify and dismantle the infrastructure supporting cyber fraud networks.
He called for a system where banks can confidently assure customers that their institutions do not contain mule accounts. According to him, stronger monitoring, timely verification and effective compliance mechanisms are necessary to prevent misuse of financial and digital systems.
Sajjanar also highlighted the importance of early reporting by victims of cyber fraud. He urged citizens to immediately contact the National Cyber Crime Helpline 1930, describing the initial response period as the “golden hour” for freezing fraudulent transactions and improving chances of recovering lost money.
Round Table Discusses Emerging Digital Fraud Threats
The round table was conducted under the theme “Protecting Citizens from Fear-Driven and Greed-Driven Digital Frauds.” Discussions focused on emerging cyber threats, including banking frauds, telecom-enabled scams, legal challenges, artificial intelligence-based fraud, deepfake technology and digital identity protection.
Experts and participants discussed the growing complexity of cybercrime and the need for stronger cooperation between public institutions and private stakeholders to protect citizens from evolving digital threats.
The discussions highlighted the importance of technology-driven monitoring, awareness and coordinated response mechanisms to address the increasing risks posed by organised cyber fraud networks.
