Hyderabad Police to seek custody of investment fraud suspects

Hyderabad Police arrested nine persons in connection with the Rs 712 crore investment fraud

Hyderabad: The police filed a petition before the court seeking custody of nine suspects who were arrested in connection with the Rs 712 crore investment fraud case busted by the Hyderabad police last week.

Nine persons including a Gujarat based businessman Prakash Mulchandbhai Prajapati along with his accomplices Kumar Prajapati, Naimuddin Wahiuddin Shaik, Gagan Kumar Soni, Parveez alias Guddu, Shameer Khan, Mohammed Munawar, Shah Sumair and Arul Dass were arrested by the police.

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Preliminary investigation revealed that the gang had duped around 745 persons across the country and the police suspect the number could be much higher. The gang lured the victims offering huge returns on small investments and conned them into transferring huge money.

The amount was later transferred to Dubai via multiple bank accounts opened by the gang with the help of brokers. It was later converted into crypto currency and transferred to main fraudsters who are based in China.

The central law enforcement agencies have also collected the details of the case from the Hyderabad police and are expected to launch their own investigations into the multi-crore racket.