Hyderabad Police launched Operation Octopus against bank, crypto, SIM fraud
Hyderabad Police launched Operation Octopus in late 2025 amid recurring cyber-fraud cases, including an early-2025 stock-investment scam in which a Hyderabad resident lost ₹36 lakh.
The mission has tracked down shady bank accounts, ghost SIM cards, crypto transfers, and even international links through Telegram.
Hyderabad Police identify ₹150Cr mule accounts
The crackdown happened in phases: first, over 350 mule accounts tied to ₹150 crore were found and 104 people were arrested, including a bank officer.
Next, banking lapses led to 52 more arrests (32 from 10 banks). Police also identified nearly 1,200 ghost SIMs and nabbed 66 people.
Alongside busts, the C-MITRA initiative was launched so victims can report scams easily, and awareness campaigns are helping folks act fast if they spot fraud.
The investigation is still ongoing as police dig deeper into these networks.