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4w ago

Cyber Fraud Crackdown Intensifies Across India as Hyderabad Police Bust ₹850-Crore Investment Racket

Police describe Ponzi-style apps with mule accounts funneling money into crypto for overseas handlers.

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Police have registered a case against unknown individuals under Sections 316(2), 318(4), and 61(2) of the Bharatiya Nyaya Sanhita and a probe is on. (HT File)
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Overview

  • Cyberabad police arrested Gaddam Venugopal and Shreyas Paul after dismantling a network that duped more than 3,000 investors and moved ₹850.59 crore through 21 bank accounts into assets and offshore channels.
  • Investigators seized two luxury cars, 11 laptops, mobile phones, property papers and a database of 3,164 investors linked to firms such as IIT Capital Technologies, A V Solutions, Srinivas Analytics and Trade Bulls Technology.
  • Pimpri Chinchwad cyber police held Sahil Anwar Sayyed, Bhupendra Avtar Singh and Sarfaraz Rafiq Sayyed for withdrawing cash from a ₹57.7 lakh fake trading-app scam and purchasing USDT to pass funds to international handlers.
  • Chandigarh cyber police arrested two Maharashtra residents in a ₹77.4 lakh “digital arrest” case and secured a ₹20.16 lakh lien, while Mumbai police made a first arrest tied to an ₹7.8 crore digital arrest targeting an 81-year-old woman.
  • Police across multiple cities reported new cases involving clone trading apps, WhatsApp investment groups and impersonation calls, and urged victims to report swiftly via the 1930 helpline or cybercrime.gov.in.