Hyderabad cops bust over Rs 900 crore investment fraud, 10 including Chinese national held

Hyderabad: An investment fraud allegedly running into more than Rs 900 crore and involving nationals of Taiwan and China, was busted by the Hyderabad police on Wednesday. Ten persons including a Taiwan national and a China national were arrested by the police in the scam in which lakhs of persons were suspected to have been […]

Hyderabad: An investment fraud allegedly running into more than Rs 900 crore and involving nationals of Taiwan and China, was busted by the Hyderabad police on Wednesday.

Ten persons including a Taiwan national and a China national were arrested by the police in the scam in which lakhs of persons were suspected to have been lured on pretext of high profits and duped to the tune of Rs 903 crores.

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Hyderabad Police Commissioner, CV Anand, who announced the arrest of the ten persons at a press conference on Wednesday, said the two companies Ranjan Money Corp and KDS Forex Private Limited played a crucial role in the scam. “Both the companies helped the fraudsters convert the money into foreign currency and later sent it through hawala to a foreign country,” he said.

The police investigations revealed that the main kingpin of the racket is based in China and with the help of nationals of various countries was operating the fraud in India.

“The money collected from the victims is channeled through several layers of bank accounts – both virtual and direct – before finding its way through hawala to foreign countries. Care is taken to evade the legal scrutiny of the surveillance agencies,” he said.

Anand said the police will inform the Enforcement Directorate, Intelligence Bureau, Central Bureau Investigation and other agencies about the case and seek their help to investigate.