Hyderabad Cyber Crime Police bust investment fraud; Two arrested

Hyderabad: In a significant breakthrough, the City Cyber Crime police apprehended two individuals, Johnny J and M Manual, involved in an investment fraud scheme that targeted unsuspecting victims through Telegram.

The police operation, initiated following a complaint in October 2023, led to the seizure of two mobile phones, three laptops, 25 debit cards, 33 chequebooks, 3 office stamps, 7 passbooks, and three pen drives from the suspects.

The investigation revealed that the accused lured victims with promises of high returns on investments in a part-time job scheme. Victims were initially assigned simple tasks on Telegram, involving smaller investments. However, as the fraud unfolded, one victim reported a loss of Rs. 49,45,900, a police statement said on Sunday.

The modus operandi of the accused included establishing a Telegram connection with an individual named Raisul in Dubai. Raisul proposed a business deal involving daily transfers of USDT to the accused’s Binance wallet, with commissions for converting the cryptocurrency into INR. The accused operated a current account under the name of Cosos Technologies Private Limited, conducting illicit transactions and keeping a 3 per cent commission.

The accused were arrested on February 21, 2024, and legal actions are underway.

The Cyber Crime police registered the case under Cr. No. 2495/2023, exposing a network of fraudulent activities across India with associates providing bank account details for similar transactions.

The team, led by Inspector of Police S Mattam Raju, cracked the case in Palakkad, Kerala, under

the direct supervision of Ms D Kavitha, DCP, Cyber Crimes, Hyderabad, and R.G Siva Maruthi, ACP, Cyber Crime PS, Hyderabad, the statement added.