Nizamabad Scam Exposed: A ₹152 Crore Cyber Fraud Scheme Uncovered

Post Views: 4

Investigation Unveils Multimillion-Dollar Investment App Scam Spanning 14 States

Telangana authorities have cracked a high-stakes investment app scam that has swindled millions of dollars from unsuspecting victims across 14 states in India.

The Scheme Unraveled

The operation, which began in January 2025, involved a complex network of 46 mule bank accounts linked to various cybercrimes, resulting in a total loss of approximately $1.95 million (Rs 152.18 crore).

Initial Probe Reveals Connection to Suspicious Phone Number and Mule Account

According to the police report, “A 32-year-old resident of Nizamabad complained about a loss of $10,400 (Rs 1.04 lakh) in an investment app fraud to local authorities.” This complaint led to the discovery of a suspicious phone number and a mule account at a private bank’s Nizamabad branch.

Further Investigation Reveals Centralized Mule Account

A further probe led to the discovery of another crucial mule account, numbered 56820000100031001, which was linked to cybercrime activities in multiple states.

Account Linked to Multiple State Crimes and Total Loss of $1.95 Million

Law enforcement officials identified 46 mule accounts connected to crimes in 14 states, with transactions totaling $1.95 million (Rs 152.18 crore).
The probe also revealed that these accounts were used to facilitate various types of cybercrimes, including investment fraud, phishing scams, and identity theft.

Victims from Different Parts of the Country Linked to the Same Mule Account

A 29-year-old IT professional from Noida lost $48,900 (Rs 3.9 lakh) in an investment fraud.
A 39-year-old homemaker from Buxar in Bihar transferred $3,200 (Rs 32,000).
A 54-year-old man from Vadodara in Gujarat lost $98,962 (Rs 96,962).

Seven Individuals Connected to the Fraudulent Accounts Apprehended and Remanded to Judicial Custody

Efforts are ongoing to locate six remaining account holders who are believed to be absconding. The investigation remains active, with authorities working to track down the individual behind the mule account 56820000100031001, who remains untraced due to discrepancies in their linked address and mobile number.