Hyderabad, Feb 24 (NationPress) In a significant operation, the Hyderabad Police have successfully dismantled a nationwide cyber fraud syndicate, resulting in the arrest of 104 fraudsters across 16 states.

Over the course of 10 days, 32 specialized teams executed ‘Operation Octopus’, as stated by Hyderabad Police Commissioner V.C. Sajjanar on Tuesday.

Under the direction of DCP (Cybercrimes) V. Aravind Babu, the police launched a meticulously coordinated effort against cybercrime networks operating throughout the nation.

The arrested individuals are linked to a staggering 1,055 cyber fraud cases recorded nationwide, with a total fraud amounting to approximately ₹127 crore, according to the Commissioner's statement.

During this operation, law enforcement seized 204 mobile phones, 141 SIM cards, 152 bank passbooks, 234 debit/credit cards, 26 laptops, 56 corporate stamps, and ₹36 lakh in cash.

This extensive operation spanned across various states including Maharashtra, Delhi, Rajasthan, West Bengal, Karnataka, Uttar Pradesh, Gujarat, Haryana, Punjab, Andhra Pradesh, Assam, Madhya Pradesh, Bihar, Uttarakhand, and Odisha.

The Commissioner highlighted a recent increase in victims falling prey to investment scams, trading frauds, and 'Digital Arrest' scams, leading to substantial financial losses.

Cyber fraudsters have been exploiting the trust of unsuspecting citizens, draining bank accounts through a combination of manipulation, intimidation, and emotional pressure.

Recognizing the severity of this issue, 'Operation Octopus' aimed to deliver a severe blow to these illegal networks. Following an exhaustive investigation into the rise of such frauds, the Cyber Crime Police Station (CCPS) in Hyderabad identified a network of 151 bank accounts utilized to siphon off victims’ funds, as reported by Sajjanar.

Through thorough intelligence gathering and forensic analysis, these 151 bank accounts were pinpointed as key channels for laundering the proceeds of crime. To dismantle this intricate network, 32 Special Teams comprising experienced investigators were formed. The operation was executed simultaneously across 16 states over a span of 10 days, leading to the apprehension of 104 individuals who were instrumental in executing the fraud.

Among those arrested was a Relationship Manager from Bandhan Bank, who allegedly collaborated with the fraudsters to facilitate the establishment and operation of fraudulent accounts.

'Operation Octopus' is an ongoing initiative, with investigations progressing to target the higher echelons of these syndicates.

A clear and definitive message is being communicated: Anyone found complicit in these crimes—regardless of status or influence—will face serious consequences. Every lead will be pursued, and the offenders will experience the full extent of the law.

Any individual aiding cybercriminals, including bank officials and mule account holders, will be strictly dealt with according to the law, asserted the Police Commissioner.