Friday, December 1, 2023

Telangana investment scam: 2 Chinese nationals among 10 arrested

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An official said on Wednesday that the Hyderabad cybercrime police broke a global gang and detained 10 people, including two Chinese nationals, for their suspected involvement in a significant investment scam that extended throughout the nation.

The investment swindle cost more than Rs 903 crore. According to Hyderabad Police Commissioner CV Anand, the investment scam included ties to Dubai, China, and Cambodia among other international nations.

Ten persons, including two Chinese nationals, were detained by the Hyderabad Cybercrime Police for allegedly participating in a large-scale investment fraud that involved approximately Rs 903 crores and was committed across the nation, according to Anand.

The police also carried out raids at call centres operating out of the nation’s capital and other locations.

“Cybercrime police conducted raids on a few call centres run out of Delhi and other locations and managed to dismantle the network of phoney investment organisations that have been defrauding investors via mobile applications and exploiting people’s bank accounts by giving them commissions,” added Anand.

Anand posted on Twitter and stated, “An international gang with ties to China, Dubai, and Cambodia was caught in an important development by the HCP’s cybercrime unit. This group was responsible for an investment scam that cost Rs 903 crore. Through bogus investing applications, criminals deceived naive investors and laundered their money.”

He said that the people who had been detained were authorised money changers who had “exploited” all the rules.

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