The Hyderabad police have achieved a major breakthrough by arresting nine individuals allegedly involved in a massive investment fraud worth a staggering Rs 712 crore.
The scam has been reportedly masterminded by Chinese citizens operating from Dubai, targeting victims through enticing online part-time job offers on the popular messaging app, Telegram.
Hyderabad Citizen Scammed of Rs. 28 Lakh in Online Job Fraud
The investigation began after a complaint was filed by a resident of Hyderabad in April, reporting a loss of Rs 28 lakh. The victim fell for promises of easy profits through “rate and review” tasks. The fraudsters enticed him to invest money upfront and perform various online assignments with lucrative returns.
However, when he attempted to withdraw his earnings, he realized he had fallen prey to a deceptive scheme. Despite the invested amount being visible in an online wallet, he couldn’t access the promised profits. Upon further inquiry, the fraudsters demanded more tasks to unlock the earnings, revealing the elaborate nature of the scam.
Following the trail of the defrauded Rs 28 lakh, investigators unraveled a complex web of transactions. The money was initially transferred to six accounts and later funneled into various Indian bank accounts. Ultimately, the illicit funds were used to purchase cryptocurrency in Dubai.
65 Bank Accounts Opened Under 33 Fictitious Companies
It was discovered that 65 bank accounts were opened in the names of 33 fictitious companies in Lucknow, acting upon 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 perpetrators. He provided Indian bank accounts and shared OTPs to remotely operate these accounts from Dubai or China, utilizing 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 accused 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 provided mule bank accounts for money transfer, converted to cryptocurrency, and sent abroad. The scam affected 15,000 victims, with Rs 10.5 crore frozen in mule accounts.
