13 Arrested In Karimnagar Mule Accounts Scam

The Karimnagar police today busted a "mule accounts" scam that had created a sensation across the erstwhile Karimnagar district.

The police arrested 13 members of a gang that opened bank accounts in the names of innocent individuals and carried out illicit transactions worth hundreds of crores through them.

24 people have been identified as accomplices in the case.

RBL Bank employees Kalyan and Ayesha played a pivotal role in the scam. The duo violated banking regulations to create "mule accounts" to facilitate cryptocurrency transactions and illicit deposits. Other arrested key accused are Sairam, Ranjith, Mallesham, Satyam and Bandi Pranay. Search operations are underway to arrest 11 individuals who are absconding.

Karimnagar Commissioner of Police Ghouse Alam said that the accused collected personal details from unsuspecting individuals by luring them with the promise of a mere 2% commission, and subsequently opened bank accounts in their names. Investigations revealed that the accused had carried out massive transactions totaling Rs 137 crore using just eight mule accounts, he added.

It is suspected that these funds were primarily diverted into cryptocurrency trading and foreign bank accounts.

The police have taken the prime accused, Kalyan and Ayesha, into custody and are subjecting them to intensive interrogation. The investigation is ongoing, focusing on identifying other bank accounts involved in the scam, tracing the source of the funds and determining where the money was diverted.