5 arrested for bank fraud in Telangana s Rangareddy ANI | Updated: Jan 22, 2021 11:52 IST
Rangareddy (Telangana) [India], January 22 (ANI): The Cyber Crime Police of Cyberabad arrested five members of an interstate gang on Thursday from Mira road for allegedly committing SIM swap fraud to siphon off funds from the target bank accounts.
The fraudsters have allegedly been committing cybercrime since 2011 by the technique of SIM swapping to get access to the net banking of their target accounts.
The main fraudster is James, a Nigerian, who has been operating from abroad. He hacks the net banking credentials of his target through phishing emails in the name of IT returns. Later on, he collects the cheated amount through Bitcoins or Hawala, the police said.