Stories
Old 1-rupee note scam: Hyderabad man loses lakhs, major fraud ring exposed
- •A Hyderabad resident fell victim to a cyber fraud losing over Rs 7.93 lakh after being promised Rs 45 lakh for an old 1-rupee note.
- •Police investigating the complaint uncovered a massive fraud syndicate linked to around 450 cyber crimes across the country.
- •The syndicate used mule accounts, collecting bank details and SIM cards from students and delivery workers in exchange for commissions.
- •Two accused named Ramesh and Anil were arrested from Hyderabad for supplying bank accounts and SIM cards to the cyber criminals.
- •Authorities advise the public to be wary of abnormal price offers for old items and never to share sensitive banking credentials or rent out bank accounts.
Key Questions Answered
Fraudsters contacted a resident of Hyderabad via Facebook, claiming they would buy his old 1-rupee note for Rs 45 lakh. Enticed by this promise, he was convinced to send a total of Rs 7,93,351 under various pretexts, ultimately losing his savings instead of receiving the money.
While investigating the 1-rupee note scam complaint received on September 25, the police uncovered a network of mule accounts and arrested two suspects named Ramesh and Anil on October 8. Investigators suspect the syndicate is linked to about 450 cyber crimes involving transactions worth Rs 60 to 70 crore.
Individuals connected to the syndicate collected bank accounts, SIM cards, and internet banking credentials from students, delivery workers, and locals using commission lures. This sensitive information and the acquired cards were then sent to accomplices in Haryana to move fraudulent money across accounts.
