Monday, April 15, 2024

Interstate gang busted, Rs 712 cr Investment fraud

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The Hyderabad Cyber Crime Police has arrested an interstate gang of nine people involved in an investment scam of Rs 712 crore.

The investment scheme was being operated by Dubai and China-based fraudsters.

The police also suspect that the case has links to Hezbollah.

The accused are Gujarat-based businessman Prakash Mulchandbhai Prajapathi and his associates Kumar Prajapathi, Naimuddin Wahiduddin Shaik, Gagan Kumar Soni, Parveez alias Guddu, Shameer Khan, Mohammed Munawar, Shah Sumair and Arul Dass.

The accused were held after an investment fraud complaint was filed at the Hyderabad cybercrime station by a city-based businessman, who lost Rs 28 lakh.

Police said the racketeers lured investors by offering jobs. They used to operate through Telegram and WhatsApp, and people were asked to make investments in order to get jobs. The victims were told to complete tasks which were designed by three China-based operators.

The fraudsters made the victim deposit more money in the wallet, after assuring him that he can withdraw profits later. However, they later asked him for a withdrawal fee of Rs 17 lakh to get back the invested amount including profits.

Once invested, the money was deposited in six bank accounts one of which was named MS Radhika Marketing. The amount was then transferred to accounts in Dubai and China, where it was used to purchase cryptocurrency.

Addressing a press conference at the Integrated Command and Control Centre, Hyderabad Police Commissioner CV Anand said, “The accused, Prakash Prajapathi, is associated with Chinese nationals Lee Lou Guangzhou, Nan Ye, Kevin Jun and others. He coordinates with them and provides Indian bank accounts and shares OTPs for operating these accounts from Dubai and China through remote access apps.”

He said that details regarding the case have been given to the National Investigation Agency and the Indian Cybercrime Coordination Centre for further investigation.

“Some of the apps used for luring people have been linked to Hezbollah. People must be alert when approached with such offers. They must leave Telegram groups and try to report them as soon as possible, which would help in detecting such crimes and to nab the culprits,” the Commissioner said.

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