Hyderabad Police Unmask International Rs 93 Lakh Trading Fraud

Hyderabad's cyber crime unit uncovered a Rs 93 lakh trading scam, arresting bank employees and a businessman. The scheme involved cybercriminals from India, Nepal, and China, targeting investors through social media and instant messaging, promising high returns. The fraud expanded to Rs 23 crore and 20 cases across India.

The cyber crime unit of Hyderabad police has dismantled a Rs 93 lakh trading fraud, leading to the arrest of two private-sector bank employees and a businessman. The accused were reportedly part of a wider network of cybercriminals operating across India, Nepal, and China.

According to the police, the criminals enticed unsuspecting individuals with promises of high returns. One victim, persuaded via social media and a messaging app group, invested nearly Rs 94 lakh, only to discover it was a scam. The accused facilitated the scam by creating numerous mule bank accounts using fake identities, benefiting from commissions.

Further investigations revealed fraudulent transactions worth Rs 23 crore, connecting the accused to 20 similar cases nationwide. A major operation led to 52 arrests across various states, solving 33 cases, underscoring the extensive reach of the cyber fraud network.

(With inputs from agencies.)