Rs 2.49 cr cyber fraud: Chennai Police arrest two mule account suppliers

CHENNAI: Probing a complaint from a 70-year-old city woman, who was cheated of Rs 2.49 crore in an online trading scam, Chennai Police's cybercrime wing arrested two persons who supplied fraudsters with the mule accounts.

The elderly woman was induced through WhatsApp to install a fraudulent trading application named HEM-securities. The fraudsters lured her by showing fabricated profits and persuaded her to transfer large sums of money to unlock these profits.

"Between December 2024 and January 2025, she transferred Rs 2.49 crores in nine transactions to eight different bank accounts," a police official said.

When she attempted to withdraw, her requests were blocked; instead, further deposits were demanded. That is when she began to suspect that she was being taken for a ride and filed a police complaint.

During the investigation, it was revealed that a Karur Vysya Bank account belonging to a hotel in Tirupur was used to route fraudulent funds. On further inquiry, it came to light that the hotel owner had handed over the account kit and credentials to J Jayaraj (32) of Tirupur, who, in turn, passed them to K Ramkumar (32) of Thoothukudi for a commission.

The accused confessed to the police that they were actively involved in opening and supplying several mule accounts used for cyber fraud. Officials found that the bank accounts linked to the accused are connected with multiple cybercrime cases registered across different states.

Both the accused were produced before a magistrate and remanded in judicial custody.

The Chennai police Commissioner cautioned the public to remain alert against fraudulent online trading platforms that lure victims with promises of high returns.