MADURAI: The Madurai district police have busted a suspected ‘cash-out’ racket allegedly involved in converting money obtained through cyberfraud into US dollars and transferring it to cybercriminals.
Three people have been arrested in connection with the case on Tuesday. It is suspected they operated on behalf of cybercriminals and made use of money mules or bank accounts of unsuspecting people to withdraw money allegedly phished off by cybercriminals from victims.
The arrested were Paraskhan (23), Habib Mohammed (21) and Mohammed Mubarak (23). The cybercrime police arrested them after personnel from the Nagamalai Pudukottai police station intercepted them during a patrol on Monday.
Police seized 26 bank passbooks, 18 mobile phones, 77 ATM cards, 18 cheque books and 60 SIM cards from the trio. The large number of banking and telecom-related documents led police to suspect that multiple bank accounts and mobile connections were being used to facilitate cyberfraud transactions.
According to police, Paraskhan, who had completed a Visual Communication course and was unemployed, allegedly joined the racket in search of quick money. He is suspected of procuring bank accounts belonging to several people and using them to receive and transfer money obtained by cyberfraud.
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