Crime Hyderabad

Cyberabad police bust online investment scam, arrest accused

Online Investment Scam

Hyderabad: The Economic Offences Wing (EOW) of the Cyberabad Police Commissionerate has cracked down on an online investment scam, arresting Kunjathbail Mujib Sayyad, a resident of Mangalore, Karnataka.

Sayyad is accused of operating a fraudulent scheme named ‘Max Crypto Trading.’ He and his local associates allegedly collected a significant amount of money from unsuspecting individuals in Shadnagar and Hyderabad.

The scam promised investors a threefold return on their investment within a mere 150 days. They further lured participants with commission structures: enrolling two new members yielded a 2% commission while enrolling four yielded 5%.

Shaik Ahmed, a resident of Farooqnagar Village in Ranga Reddy district, Telangana, filed a complaint against the scam. Ahmed, along with 51 other victims from Shadnagar and Hyderabad, invested in Max Crypto Trading.

Initially, the accused made good on their promises, likely to build trust and attract more victims. However, after collecting ₹1.66 crores from 52 individuals, they abruptly shut down their website and mobile application. Attempts by victims to contact the organisers proved futile, and the local associates vanished.

A case under No. 759/2022, U/s 420, 406, 120-B IPC & Sec. 5 of TSPDFEA-1999, was registered at Shadnagar Police Station and later transferred to the Economic Offences Wing Police Station for further investigation.

 

The Cyberabad Police urge the public to exercise caution regarding such investment schemes. Scammers often lure victims with initial returns to inflate participation before disappearing with the collected funds.

The investigation remains ongoing under the supervision of K. Prasad, Deputy Commissioner of Police (EOW), Cyberabad, with B. Narahari, Inspector of Police, EOW PS, leading the team.