Two men held for running Chinese investment fraud in Hyderabad | Hyderabad News – Times of India


HYDERABAD: In a another instance of Chinese fraudsters duping gullible investors, two locals were arrested by cyber crime cops in the city for allowing their Chinese handlers to use their bank accounts for a fake investment scheme.
A Srinivasa Rao (45), an accountant from Srinagar Colony, and his friend N Vijay Krishna (37) from Nallakunta, were arrested after a complaint on August 5 by a woman who lost Rs 2.5 lakh. The accused confessed they had opened bank accounts in the name of fictitious firms as per instructions from the Chinese scamsters.
The woman had clicked on a WhatsApp link for a work-from-home investment scheme and was directed to register on a website mall008.com via Telegram.
“The victim initially deposited small amounts to the scamsters’ bank account through a QR code. The amount doubled in a few days and till the investment was small the victim was allowed to withdraw. But when she invested Rs 2.5 lakh, she lost access,” Cyber crime ACP KVM Prasad said.
Rao and Krishna were picked up after cops tracked their transactions.
“The accused were working for a commission. We do not know the location of the main accused. We have seized two mobiles, five cheque books, four debit cards and Rs 21,500. Banks have been told to freeze Rs 19 lakh in the two accounts,” a cop said.

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