Three held for cryptocurrency fraud in Hyderabad

The police freezed bank accounts where in Rs. 50 lakh amount was deposited while mobile phones, ATM cards, cheque books and passbooks were seized from them.

Hyderabad: The Rachakonda Police arrested three persons who were allegedly cheating the public on the pretext of profits on investments in crypto currency trade.

Those arrested were Nuralam Haque (23), Ekram Hussain (23) and Mohd Ijaraul (24), all from West Bengal. Another suspect Chota Bhai was absconding. The police freezed bank accounts where in Rs. 50 lakh amount was deposited while mobile phones, ATM cards, cheque books and passbooks were seized from them.

According to the police, Chota Bhai alias Deepu Mondal, contacted victims through the gang members and lured them into making investment in the crypto currency trade, assuring them of high profits. Chota Bhai and Nuralam Haque along with the two others opened 64 bank accounts in various banks.

The gang created several fake companies like Bizium Technology Private Limited, Cargo solutions, Curved Hair productions, HarchAran Enterprises, Quiko M Information Tec, Sky Destination Travel, Intra Express Logistics, Fanigo Consultancy PRI, Mahadevi Enterprise, Fateh Textiles, Awlencan, Windberry and Bisful Tec.

In September, the gang contacted one Bhanothu Kiran Kumar of Ghatkesar and lured him into making an initial investment of Rs.50,000. “The gang assured a profit of Rs. 10,000 on the investment and later lured him into making an investment of Rs.86 lakh and duped him,” said Rachakonda Commissioner Mahesh M Bhagwat.

Based on a complaint, the police booked a case and arrested the three suspects.