Hyderabad Police Commissioner VC Sajjanar revealed a landmark victory against cybercrime on Sunday: ‘Operation Octopus 2.0’ led to 52 arrests spanning nine states, with a shocking 32 bank officials among the culprits fueling online frauds.
Launched with 16 elite teams, the week-long blitz targeted fraudsters behind rising threats like fake investment schemes, bogus trading platforms, and terrifying ‘digital arrest’ tactics. Key arrests comprised bank insiders, 15 mule account holders who rented out their accounts for dirty money, and five middlemen orchestrating the laundering.
Raids yielded critical evidence: dozens of phones, cheque books, digital storage devices, a laptop, and stamps from 21 phantom firms used to legitimize illicit funds.
Building on the success of the first Operation Octopus—which busted 117 gangs and exposed Rs 150 crore in fraud across hundreds of cases—this sequel spotlighted banking complicity. Private banks emerged as hotspots for sham accounts, opened without proper customer verification, enabling seamless cyber heists.
The multi-state operation underscores the national scale of these crimes and the urgent need for stricter banking protocols. As probes deepen, authorities aim to recover laundered assets and prevent future breaches, reassuring the public amid escalating online threats.
