Cybercrime police said the suspects orchestrated the fraud by utilising multiple mule bank accounts to withdraw fraudulent amounts, converting the funds into crypto currency, and channeling the proceeds to Dubai-based cyber fraudsters through ‘hawala’ networks
Published Date – 29 January 2025, 04:44 PM
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Hyderabad: The Hyderabad Cybercrime officials nabbed five persons involved in a stock trading fraud case to the tune of Rs 2.06 crore on Wednesday.
The arrested suspects are Reddy Praveen from West Godavari, K Srinivas Rao, a sales manager of Kotak Mahindra Bank, JNTU branch, Mohd Ismail, a travel business operator from Shahalibanda, Mohd Junaid, crypto currency trader and M Jaya Kiran, a ready-mix concrete businessman from Krishna district.
Cybercrime police said the suspects orchestrated the fraud by utilising multiple mule bank accounts to withdraw fraudulent amounts, converting the funds into crypto currency, and channeling the proceeds to Dubai-based cyber fraudsters through ‘hawala’ networks.
The gang lured people promising high returns for investments in stock trading. They created a fake app too for the same, where the members shared fabricated success stories of stock trading profits.
Officials seized cash of Rs 47.5 lakh and crypto currency valued at Rs 40 lakh.
