Pan-India cryptocurrency scam: fake Dubai royal family link
HYDERABAD: The Central Crime Station (CCS) police in Hyderabad have registered a case against a gang that allegedly duped investors of nearly ₹100 crore through a fraudulent cryptocurrency and Bitcoin trading scheme.
According to police, the accused misled people by claiming that Dubai’s royal family owned gold mines and several businesses, and that investing in cryptocurrency handled by them would yield huge profits.
A 33-year-old businessman from Karimnagar, residing in Saidabad colony, was among the complainants. During a real estate trip to Khammam in June last year, he was introduced to Khaja Pasha, who convinced him to invest in Metaplus Trading Company. Pasha introduced him to Nazeer Pasha and Naveen as company representatives.
Initially, he was asked to convert ₹9,000 into US dollars and invest. A one per cent profit was shown within a week to win his trust. Later, during a Zoom meeting with Nandu alias Sridevi, the businessman was persuaded to invest ₹45 lakh by December. Of this, ₹9 lakh was returned.
The businessman also roped in his friends, who invested ₹2.5 crore. They were paid ₹40 lakh in profits.
The accused showed videos and photos claiming that Nadeemuddin Khwajer, allegedly a Dubai royal family member, was CEO of Metaplus. They convinced several employees and businessmen from Andhra Pradesh and Telangana to invest.
In August last year, victims attended a meeting organised by Nadeem in Goa, where he promised additional incentives for large investments. A month later, the gang held a conference with 150 members at a Shamshabad resort, offering initial returns to build confidence.
However, since January this year, profits stopped. When the Karimnagar businessman confronted Nazeer Pasha and Naveen, their phones were found switched off. Realising they were cheated, the victims approached CCS police.
The complainants alleged that the gang collected around ₹100 crore from victims across Telangana, Andhra Pradesh, and other states.
Police have booked cases against Nazeer Pasha, Salma, G Naveen, Nandu alias Sridevi, Vinod, and Khaja Pasha. Investigation is underway.
