Cybercrime police said the suspects orchestrated the fraud by utilising multiple mule bank accounts to withdraw fraudulent amounts, converting the funds into crypto currency, and channeling the proceeds to Dubai-based cyber fraudsters through ‘hawala’ networks
Police said one victim from the city was made to invest Rs 2 lakh initially and subsequently was persuaded to make additional investments totaling to Rs 1.45 crore between 2019 and 2021.
According to the police, Syed Ashfaq Rahil, managing director and his wife Syeda Aisha Naaz, who is a director, had started two companies and collected amounts to the tune of Rs. 229 crores from 17,500 depositors
