Hyderabad police have made a key breakthrough in an investment fraud case involving Dubai and China-based gangs by apprehending seven people. The fraud, which involved several hundred crores, targeted consumers looking for high returns on their investments and enticed them to transfer significant sums of money into bogus company accounts.
The fraudsters used messaging apps like WhatsApp and Telegram to send messages to random people promising enormous rewards on investments. Once the victims enrolled with the bogus company, they were persuaded to transfer funds into numerous bank accounts controlled by the fraudsters, resulting in financial losses.
The authorities learned that the fraudsters had opened bank accounts in the names of shell firms, moving the victims’ money into these accounts after conducting an investigation. Following that, the funds were transferred to Dubai, changed to Bitcoin, and then routed to China. Brokers were paid commissions at each level for enabling the money transactions. It was also discovered that several programs used to convert funds into cryptocurrencies were associated with a terrorist organization.
C V Anand, the Commissioner of Police in Hyderabad, has warned the public to be vigilant and not fall victim to messages promising big returns, warning of potential losses to fraudsters. The investigation is ongoing, and investigators are diligently pursuing leads in order to dismantle the network behind this intricate investment scam.
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