Economic Fraud
Top Banker arrested in Rs 88.3 crore cyber scam
HYDERABAD: In a large-scale crackdown, the Hyderabad City Cyber Crimes (CCS) unit has arrested 52 individuals across India for allegedly defrauding victims of Rs 88.32 crore. The operation, carried out by seven specialized teams, led to the detection of 33 major cybercrime cases linked to 576 fraud incidents nationwide, including 74 in Telangana.
Authorities have recovered Rs 87.89 lakh—Rs 47.9 lakh in cash and Rs 40 lakh in cryptocurrency—seized from the accused. The fraudulent schemes included investment and trading scams, social media fraud, data theft, part-time job scams, and USDT purchase fraud. The arrests were made across multiple states, including Gujarat, Karnataka, Andhra Pradesh, New Delhi, Uttar Pradesh, Maharashtra, West Bengal, Bihar, and Telangana.
Registrations Open for FutureCrime Summit 2025: India’s Largest Conference on Technology-Driven Crime
Among those apprehended were three senior bank officials accused of facilitating fraudulent transactions worth crores. Shubham Kumar Jha, deputy manager at RBL Bank in Bengaluru, allegedly siphoned Rs 93 lakh using his access to sensitive financial data. Haroon Rasheed Imamuddin Dharawad, assistant vice president at Axis Bank, reportedly bypassed banking protocols to authorize illegal transactions. Kata Srinivasa Rao, a sales manager at Kotak Mahindra Bank, was implicated in a Rs 2.06 crore scam, allegedly luring customers into fraudulent schemes and laundering money.
Additionally, Gujarat-based fraudsters Harpal Singh (50) and Saiyad Aiyub Bhai (50) were arrested for orchestrating multiple digital frauds. The duo, linked to 17 cases nationwide, allegedly manipulated victims through online intimidation and threats.
The Hyderabad Cyber Crimes unit continues its investigation to trace further links in the scam.
