Hyderabad: The city police here arrested ten persons including a Chinese and a Taiwan national for allegedly cheating lakhs of persons to the tune of Rupees 903 crore. So far Rs 1.91 crores have been frozen in various bank accounts in this case. Eight Indians facilitated the scam by providing bank accounts and helping transfer money to a foreign country, said commissioner CV Anand.
The Hyderabad police commissioner opined that it could even be a Rs 10,000 crore scam, which was run through a network of Indian and foreign accounts to route money of unsuspecting investors away.
The accused fraudsters were running the Hawala scam from Bombay and Delhi. They were arrested by the Hyderabad police’s Cyber Crime officials. They have been identified as: Sahil Bajaj, Sunny aka Pankaj, Virender Singh, Sanjay Yadav, Navneeth Kaushik, Mohammad Parvez (from Hyderabad), Syed Sultan (from Hyderabad), Mirza Nadeem Baig (from Hyderabad), Chinese national Lec aka Li Zhongjun and, Chu Chun-yu (Taiwan national).
How it happened:
The Hyderabad police was alerted about the massive investment scam after a complianant approached the Cyber Crime officials. The complainant said that he was cheated after investing 1.6 lakh rupees in an investment app called LOXAM. “On investigation it is found that the money of the complainant was deposited in the bank account of Indus Ind Bank in the name of Xindai Technologies Pvt Ltd,” said Anand.
He explained that this bank account was opened by…
