Operation Octopus: ₹127 Crore Fraud Network Busted in 1,055 Cases Across 16 States

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Nationwide Crackdown on Organized Cybercrime

A nationwide crackdown on organized cybercrime has resulted in the dismantling of a massive fraud network responsible for cheating victims out of approximately ₹127 crore across 16 states.

Operation Octopus

The operation, dubbed “Operation Octopus,” was carried out by the Hyderabad City Police and involved the arrest of 104 individuals, including 86 mule account holders, 17 account suppliers, and one bank official.

Investigation and Seizures

The investigation, which spanned nearly ten days, involved 32 special teams deployed across multiple states. Authorities identified 151 bank accounts used to transfer money cheated from victims and seized ₹36 lakh in cash, 204 mobile phones, 141 SIM cards, 152 bank passbooks, 234 debit and credit cards, and 26 laptops.

Modus Operandi

The organized network was linked to 1,055 cyber fraud cases, with the majority of victims being lured through social media and online platforms with promises of unrealistic investment returns. In some cases, fraudsters impersonated foreign trading experts or law enforcement officers, using a tactic known as “digital arrest” to pressure victims into transferring money.

The cheated money was quickly routed through multiple accounts and converted into cryptocurrency and other irregular financial channels.

Forensic Analysis and Ongoing Investigation

The seized digital devices are currently undergoing forensic analysis to identify other members of the syndicate and trace financial channels.

Police Statement and Warning

The operation was monitored by senior police officials, including Joint Commissioner of Police S M Vijay Kumar and Cybercrime Division DCP V. Aravind Babu. The Commissioner of Hyderabad City Police, V. C. Sajjanar, stated that cybercrime has become a serious threat to society and emphasized the police’s zero-tolerance policy against such networks.

The public has been advised to remain cautious, particularly against calls or messages promising abnormal investment profits, urgent payments, or threatening legal action to extract money.

Expert Warning and Concerns

Experts warn that this cybercrime model is particularly dangerous due to its combination of technology, financial networking, and psychological pressure.

The investigation is ongoing, with efforts being made to reach higher-level operators of the syndicate. The arrest of the bank official, who was working as a relationship manager in Bandhan Bank, has raised concerns about potential internal collusion and highlights the need for increased vigilance within the financial sector.