Monday, May 27, 2024

Youth held for opening mule accounts lost money on betting and joined fraudsters | Hyderabad News – Times of India

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Hyderabad: Sindhe Pranay from Bhainsa of Nirmal district, who was arrested by TS Cyber Security Bureau for allegedly opening 125 mule accounts for cyber fraudsters running investment fraud gangs, completed graduation and also Teacher Training Certificate (TTC) course, but due to his addiction to online betting, could not land a job.
After losing over 4 lakh on several occasions, the 26-year-old sought refuge in the fraudsters, who conned him.They then offered him a job of opening mule accounts for them, Pranay told police after his arrest on Wednesday. Police found that the fraudsters were paying him in crypto currency, which came up to 1 lakh a month.

Pranay’s dalliance with the fraudsters began around two years ago, when he started online betting on cricket. His love for cricket and desire to make quick and easy money, pushed him into only losses. The losses, however, did not deter his spirit and he continued putting money on online betting.
After losing over 4 lakh, he realised that he was not going to make any money in betting. He then started to get in touch with the agents who were a part of the team that duped him. He broke down before them, told how he slipped into a financial crisis and begged them to bail him out.
After much persuasion and winning their confidence, they offered him the job of opening bank accounts and supplying them their credentials. Police were likely to take him into custody for further investigation. “He said that he has opened around 125 mule accounts, but we suspect that the number could be more. A thorough questioning is needed to unearth all those details,” police said.

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