Manikanta (22), a crypto and mule account trader, was arrested by the Hyberabad Cybercrime Police on Thursday in his hometown in YSR Kadapa district, Andhra Pradesh. The accused was found to be in contact with Chinese nationals and various crypto traders and agents. Some of his associates, based in Haryana, are still absconding, according to a cybercrime official.
A detailed technical investigation into Manikanta’s activities revealed his connections to individuals and criminal groups in China, Hong Kong, and the United Kingdom. He was allegedly involved in a scheme where he bought and supplied mule bank accounts on a commission basis, maintaining constant communication with these groups through Telegram.
Authorities also recovered UDHYAM registration certificates from Manikanta’s phone, which are believed to have been used for opening mule accounts in banks.
In a separate development, Binance, a cryptocurrency platform, successfully seized the stolen assets involved in the fraud, accelerating the recovery of funds for the victims. Authorities are now receiving assistance from various government bodies, including the Indian Cybercrime Coordination Centre (I4C), the Ministry of Home Affairs’ cryptocurrency investigation team, and the Financial Intelligence Unit.
