Hyderabad police pick up suspected masterminds of fake crypto investment scheme

Hyderabad cybercrime police have arrested suspects linked to a bogus investment scheme. According to the Cyber Crime Police of Hyderabad, two men from Vash, Navi Mumbai, were arrested for their alleged roles in an investment fraud, targeting a Hyderabad resident who lost Rs. 12.3 lakh to the fraudulent scheme.

According to an official from the unit, the arrest followed a complaint from the 53-year-old victim, who was deceived by the scammers who posed as investment advisers. The Hyderabad officer mentioned that the suspects were running their illegal operations under Flames Alliance and Munoth Capital Investment Limited.

The accused were identified as Ravi Kumar Lal and Shivendra Ashok Singh.

Hyderabad police apprehend suspects in fake investment scheme

Investigators attached to the Hyderabad police mentioned that they started looking into the facts of the case after the complainant submitted his petition. They claimed that Ravi Kumar Lal operated a bank account by passing on OTPs through an APK file to an associate who resides in Pune.

The police claimed that the associate, after getting wind of their arrests, left his residence and is still on the run, making retrieval challenging.

On the other hand, Shivendra Ashok Singh was in charge of supplying mule bank accounts that were used to move funds stolen from victims. The officers claimed that the suspects approached the victim on WhatsApp, sending unsolicited messages before he agreed to listen to what they had to say.

The suspects, posing as stock market experts, promised him exceptional returns if he would invest in a platform that they would introduce to him. With the profit enticing, he agreed to invest.

Between August 13 and 28, the suspect transferred money into several accounts after being shown fabricated profits and reassured through small withdrawals when he started investing. However, problems started when he deposited larger funds. He claimed that the suspects first blocked his access to the platform before vanishing.

Investigators with the Hyderabad police claimed that the suspects used a modus operandi that they had come across multiple times.

Police urge residents to be watchful

According to the investor, while one of the accused handled the bank accounts, the other one was in charge of the operation and the mobile numbers linked to the bank accounts. The officers claimed the victim was shown manipulated profits to create a sense of urgency. They knew that once he saw he had started making huge profits, he was going to go all in on his investments, which he did without fail.

The officers noted that aside from this scam, the pair had also been linked to other kinds of fraud across India.

In a similar case, the police arrested a suspect for stealing Rs. 26 lakh through a fake stock market investment. Police claimed that the suspect promoted it on social media, targeting unsuspecting elderly people to pitch mouth-watering profits.

The criminal misled the victim, showing him a manipulated platform and taking money from him at intervals. However, when he tried to withdraw his funds, he discovered that it was a fake platform.

Meanwhile, the Hyderabad police added that about four mobile phones and three cheque books were seized from the accused.

Police claimed that this kind of scam has been rampant across the country since the start of the year, noting that the lax regulations concerning the crypto industry and digital assets have given the scammers enough room to operate. They have urged residents to be alert before they enter into any investment.

In addition, people who want to make investments should seek advice from the right experts.

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