Rs 903 Crore Investment Fraud Linked to Dubai, China Busted in Telangana; 10 Arrested

A multi-crore investment fraud was busted by Hyderabad Cyber Crime Police on Wednesday, leading to the arrest of 10 people, including two Chinese nationals. The amount of the investment fraud went over Rs 903 crore. According to Hyderabad police commissioner CV Anand, the fraud had links to Dubai, China and Cambodia, and was spread across India.

“The Hyderabad cybercrime police arrested 10 people, including two Chinese nationals, for their alleged involvement in a big investment fraud running into nearly Rs 903 crores spread across the country,” Anand told news agency ANI.

Taking to Twitter, Anand said, “In a significant breakthrough, the cybercrime wing of HCP busted a transnational gang involved in Rs 903 crore investment fraud who has connections in Cambodia, Dubai and China. Perpetrators lured gullible investors through fake investment apps and laundered money.”

He further said that the arrested persons were the authorised money changers and they “exploited” all the norms.

Several call centres were also raided in Delhi and other places. According to Police, these call centres were also operational from other places in the country, apart from the national capital.

“The Cybercrime police conducted raids on a few call centres operated from Delhi and other places and managed to break the network of fake investment companies that have been duping investors through mobile applications, using bank accounts of people by paying them commissions,” Anand said.

“Being the authorised money changers, these accused took advantage and exploited all the norms. Arrested 10 persons, including two Chinese nationals. This type of fraud has ramifications across the country and can have devastating effects on our economy,” he tweeted.

“A harmonized approach and coordination among law enforcement agencies, financial institutions, administrators and regulators can help combat this menace threatening national security and economy,” Anand added in his tweet.

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