Cyberabad cops nab Mangalore resident for defrauding 50 people

Kunjathbail Mujib Sayyad collected money from different persons in Shadnagar, Ranga Reddy district and Hyderabad on the pretext of investment in 'Max Crypto Trading’ investment scheme.

Hyderabad: A resident of Mangalore in Karnataka was arrested by the Cyberabad police for duping over 50 people on the pretext of profits on investments in crypto trading.

Kunjathbail Mujib Sayyad collected money from different persons in Shadnagar, Ranga Reddy district and Hyderabad on the pretext of investment in ‘Max Crypto Trading’ investment scheme. Believing him, around 52 persons made investments.

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“Sayyad assured that the investors would get three times returns on their investment amount within a short period i.e. 150 days. Also, he offered 2 per cent commission in the event of enrolling a new customer, if someone introduced and joined two customers in the scheme, he paid them 5 per cent commission,” said DCP (Economic Offences Wing), K Prasad.

Sayyad collected around Rs 1.66 crore amount from 52 victims and duped them later.

Initially, following a complaint the Shadnagar police registered a case and later it was transferred to the Economic Offences Wing of Cyberabad police who arrested Sayyad.