Hyderabad police seek to detain investment fraud suspect – Telangana Today

Hyderabad police arrest 9 in connection with Rs 7.12 crore investment fraud

Hyderabad: The police filed a petition in the court to detain nine suspects who were arrested in connection with an investment fraud worth Rs 7.12 crore that was cracked by Hyderabad police last week.

Police arrested nine people including Gujarat businessman Prakash Mulchandbhai Prajapati and his accomplices Kumar Prajapati, Naimuddin Wahiuddin Shaik, Gagan Kumar Soni, Parveez alias Guddu, Shameer Khan, Mohammed Munawar, Shah Sumair and Arul Dass.

Preliminary investigations show the gang has defrauded about 745 people across the country, and police suspect the number may be much higher. The gang lures victims with huge returns on small investments and tricks them into transferring huge sums.

The gang then transferred the money to Dubai through multiple bank accounts opened with the help of brokers. It was later converted into cryptocurrencies and transferred to master fraudsters based in China.

The central law enforcement agency has also collected details of the case from the Hyderabad police and is expected to launch an investigation into the scam worth tens of crores.