Hyderabad Police Busts Rs 712 cr Chinese Investment Fraud, 9 Held

Описание: The Hyderabad police have discovered a Rs 712 crore investment scheme that involved Chinese and Dubai operators and was allegedly connected to the Hezbollah terrorist organisation. Nine people have been arrested as a result of their involvement in the case.

Businessman Prakash Mulchandbhai Prajapathi and his colleagues Kumar Prajapathi, Naimuddin Wahiduddin Shaik, Gagan Kumar Soni, Parveez alias Guddu, Shameer Khan, Mohammed Munawar, Shah Sumair, and Arul Dass were all detained by the police.

The arrests were made when a businessman from the city of Hyderabad reported an investment fraud after losing Rs 28 lakh to scammers.

The complainant registered on the website that enabled the investment fraud after receiving an offer for a part-time trading job over the Telegram messaging app, according to the police.

The victim was initially tasked with rating a number of tasks after making minor financial investments, for which he made money. But after the initial few trades, he was unable to cash out his gains.

The task-based investment frauds are organised by Chinese fraudsters who lure the victims through Telegram conversations, according to the authorities.

The National Investigation Agency and the police are currently looking into the incident to see whether the scammers had any ties to foreign terrorist organisations. "During the investigation, we discovered that the funds transported from India to Dubai were changed into the cryptocurrency USDT. The NIA should look into some of the apps that were used to convert the money into digital currency because they were connected to Hezbollah, the commissioner continued.

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