₹138 Crore Money Laundering Scandal Exposed: Shell Companies and Simulated Networks Uncovered
Fake Shell Companies Used in Major Indian Cyber Racket Uncovered
In a significant breakthrough, Telangana police have dismantled a massive cybercrime network that exploited shell companies, remote One-Time Password (OTP) access, and SIM card control to facilitate large-scale illicit financial transactions.
The Modus Operandi
The operation, valued at over ₹138 crores, has resulted in the arrest of 13 individuals and shed light on the intricate mechanisms employed by the syndicate. At the heart of the racket were fake business entities, registered as corporations, which were used to open bank accounts.
The syndicate’s use of SIM cards and Aadhaar-enabled remote OTP access allowed them to intercept One-Time Passwords (OTPs) and bypass banking security measures. This enabled rapid transfer of funds across multiple accounts, often 30 or more in a single transaction, making it challenging to track the money trail.
The Recruitment Process
Recruits were paid ₹50,000 upfront and promised a 2% share in transactions, while account holders involved in the money laundering network faced legal consequences for their role. The network’s coordinators underwent a “loyalty test” in Goa, where they were held for several days to verify their loyalty before resuming financial transactions.
The Impact
Investigations are ongoing to examine the interstate and potential international links of the network, with efforts aimed at determining the total volume of funds routed through the racket and identifying all individuals and entities involved.
Experts advise individuals to exercise caution when sharing personal data, such as bank account details, SIM cards, or identity documents, with unknown parties or entities, as even minor negligence can lead to severe legal and financial repercussions.
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