Hyderabad CP briefs on Rs. 712 crore investment fraud, says money transferred through crypto

The Hyderabad Cyber Crime Police has successfully apprehended nine cyber criminals involved in investment frauds. During the operation, a significant number of cellphones, laptops, and debit cards were seized from the suspects. The police suspect that these individuals, hailing from Lucknow, Gujarat, and Hyderabad, may have connections with criminals in Dubai and China. The gang is believed to have already looted around Rs. 712 crores.

Hyderabad City Commissioner of Police, CV Anand, revealed details about the case. He explained that the money obtained through these fraudulent activities is transferred from Dubai to China using cryptocurrency. He said that investigation revealed that some of this money was directed towards a crypto website used by terrorists. The Commissioner emphasized the need for national-level coordination in combating such fraudulent activities and stated that the matter would be brought to the attention of the central government.

Stating that despite efforts to raise awareness about cyber frauds, some innocent individuals continue to fall prey to these schemes, including software employees, he said that an IT employee reported losing 82 lakhs due to a cyber fraud.