Hyderabad authorities arrest nine in $95M investment fraud with Chinese links

  • Hyderabad police arrested nine suspects in a Rs 712-crore investment fraud purportedly orchestrated by Chinese citizens based in Dubai.
  • Facing losses of Rs 28 lakh from an online part-time job scam, a victim sparked the probe that revealed fraudulent funds were transferred to various Indian accounts, bought as cryptocurrency and connected to Hezbollah.
  • The scam utilized Telegram, involved 65 bank accounts in 33 fictitious companies, resulting in over 712 crore siphoned off by the fraudsters.
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