So far, he is said to have converted and transferred more than Rs 50 lakh and earned about Rs 10 lakh
Hyderabad: The Rachakonda Cybercrime police on Friday nabbed a youngster from Nellore of Andhra Pradesh on charges of helping fraudsters transfer money siphoned through investment frauds into bank accounts.
The suspect, T Anil Kumar (22), an AC technician from Iskcon City in Nellore, was unemployed and heard from a relative about online investments giving high returns. While searching for the same on the internet, he contacted a person on WhatsApp, who worked for an online trading application. He was asked to start trading with an offer of a 20 per cent commission on every credit transaction into his account.
“The suspect downloaded and registered with Binance, a bit coin exchange app to transfer the 80 per cent of the received amounts to the other person. After every credit into his account, Anil Kumar transferred the money to Binance App, wherein he converted Indian currency into crypto currency,” police said.
Subsequently, he also transferred crypto currency into the Binance accounts of the fraudsters. So far, he is said to have converted and transferred more than Rs 50 lakh and earned about Rs 10 lakh.
Based on a complaint from a woman who was duped of Rs 6 lakh, the Cybercrime police took up investigation and nabbed him. The police have warned citizens against investing money in unauthorised or unknown investment apps.
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