Economic Fraud
Dubai Bank Staffer Leads International Cybercrime Ring
Pune: The Pimpri Chinchwad police, Pune have dismantled an international cybercrime network that defrauded hundreds of people through online share trading scams. The network, led by a Dubai-based bank employee, involved a group of seven individuals from Mumbai and Pune.
The arrested individuals included a failed film producer, a software professional, a property broker, and a used car salesman. They meticulously managed a web of mule accounts to siphon off funds from victims and channel them to Chinese cybercriminals via cryptocurrency.
The investigation was triggered by a complaint from a senior citizen who lost Rs 99 lakh in an online share trading scam. The victim was lured into a WhatsApp group and induced to invest in a fraudulent application promising exorbitant returns.
The Dubai-based bank employee, identified as Sathi, served as the key link between the Indian operatives and the international cybercrime syndicate. He received the stolen funds and transferred them to the Chinese criminals.
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The arrested individuals played various roles in the scam, including recruiting mule account holders, managing fraudulent operations, and transferring the ill-gotten gains.
This case highlights the increasing sophistication of cybercrime and the need for heightened vigilance. The Pimpri Chinchwad police’s successful operation underscores the importance of collaborative efforts between law enforcement agencies to combat transnational cybercrime.