In a significant breakthrough, the Hyderabad police have apprehended nine individuals allegedly involved in a massive investment fraud amounting to a staggering Rs 712 crore.
The scam, masterminded by Chinese citizens operating from Dubai, targeted victims through enticing part-time job offers on the popular messaging app, Telegram.
The investigation commenced after a complaint was filed in April by a resident of Hyderabad who reported a loss of Rs 28 lakh. The victim was lured with promises of easy profits through “rate and review” tasks, leading him to invest money upfront and perform various online assignments with attractive returns.
However, upon attempting to withdraw his earnings, he discovered that he had fallen victim to a deceptive scheme. Although the invested amount was visible in an online wallet, accessing the promised profits proved impossible. Further inquiries exposed the elaborate nature of the scam, with fraudsters demanding more tasks to unlock the earnings.
The trail of the defrauded Rs 28 lakh led investigators to unravel a complex web of transactions. The money was initially transferred to six accounts and later funneled into various Indian bank accounts. Eventually, the illicit funds were used to purchase cryptocurrency in Dubai.
The investigation revealed that 65 bank accounts were opened under the names of 33 fictitious companies in Lucknow, acting on instructions from Prakash Prajapathi in Ahmedabad, who had connections with Chinese citizens Lee Lou Guangzhou, Nan Ye, and Kevin Jun.
Prakash Prajapati, the main perpetrator, coordinated with the Chinese criminals, providing Indian bank accounts and sharing OTPs to remotely operate these accounts from Dubai or China, using apps like COOLTECH and AirDroid. The fraudulent activities were conducted on Telegram, where victims were enticed with promises of easy earnings.
Successful operations in Mumbai, Ahmedabad, and Hyderabad led to the arrest of the accused. The names of the arrested individuals are Prakash Mulchandbhai Prajapati, Kumar Prajapati, Naimuddin Wahiduddin Shaik, Gagan Kumar Soni, Parveez alias Guddu, Shameer Khan, Mohammed Munawar, Shah Sumair, and Arul Dass.
Prajapati facilitated mule bank accounts for money transfer, converting it to cryptocurrency, and sending it abroad. The scam affected approximately 15,000 victims, with Rs 10.5 crore frozen in mule accounts. The swift action taken by the Hyderabad police has helped in bringing down this sophisticated criminal operation and curbing the fraudulent activities.
