ET Deep Dive: Operation Octopus

Operation Octopus is Hyderabad Police’s ambitious multi-phase crackdown on the infrastructure behind cyber fraud — not just the small fish, but the entire ecosystem. From mule accounts and rogue bank employees to ghost SIMs and crypto networks, each phase peels back a new layer of a sprawling criminal enterprise spanning multiple states and international actors. Commissioner VC Sajjanar estimates four hundred crore rupees is lost annually in Hyderabad alone. Yet kingpins remain at large. Based on Shilpa Ranipeta’s ground investigation, Anirban Chowdhury narrates how a single Facebook scam unravelled into one of India’s most complex cybercrime investigations.