Cyber Crime
Hyderabad Police Unravel Massive Rs 712 Crore Scam: Chinese Masterminds Employ Creative Tactics to Deceive Victims
HYDERABAD: In a major breakthrough, the Hyderabad police have recently uncovered a mega investment scam involving a whopping 712 crore, masterminded by a group of Chinese fraudsters. The scamsters have been operating with a dedicated team of experts who devise innovative and deceptive strategies to swindle unsuspecting victims.
Their methods have evolved with changing times, incorporating cyber tactics to lure gullible individuals into their fraudulent schemes.
ALSO READ: From India to China via Dubai: Rs 712 Crore Investment Fraud Busted By Hyderabad Police
A Deceptive Team at Work
According to cyber crime sleuths investigating the case, the Chinese criminals have established a specialized team tasked with creating enticing advertisements, text messages for SMS, Telegram, and WhatsApp, and designing attractive webpages to present a façade of legitimate investment opportunities. This team works diligently to convince potential victims that the investment proposal is genuine and capable of generating high returns.
The webpages designed by the fraudsters open only after a victim clicks on the links shared by the accused, further emphasizing their well-organized and systematic approach to deceive victims.
Diverse Scam Schemes
Over the past three years, the Chinese ‘developers’ have devised a wide array of scam concepts to exploit their targets. Their deceptive strategies include online gaming, high-return investment offers, cryptocurrency trading deals, task-based investment plans, and even extortion under the pretext of parcels containing drugs. The Chinese con artists pass on these modus operandi to their Indian associates, who then actively seek out potential victims. Additionally, the Indian partners are responsible for setting up shell companies to facilitate the embezzlement of funds.
The Elusive Money Trail
Investigations into the scam have revealed a complex money trail that leads from India to different South Asian countries where the associates of the Chinese accused reside. To execute their fraudulent schemes seamlessly, the criminals employ individuals across India, providing them with bank accounts to receive victims’ money before it is routed out of the country and reaches foreign locations. This money laundering technique adds another layer of complexity to the operation and has made it difficult for authorities to trace and recover the stolen funds.
READ MORE ABOUT THE SCAM: Rs 3,000 Crore Part Time Job Scam Busted: UP Cyber Police Unearth Network Of Crypto Wallets & Shell Companies, Know The Chinese Connection
A Coordinated Effort Required
Despite the commendable efforts of the Telangana police, the scale and sophistication of the scam have left investigators grappling to tackle it single-handedly. Hyderabad police sources believe that the cases cracked so far represent only the tip of the iceberg. Many victims are likely hesitant to approach the authorities due to various factors, further complicating the situation.
Authorities emphasize the need for a coordinated effort involving different central agencies to fully uncover the cross-border ramifications of this scam. The involvement of Chinese nationals and the movement of funds through various South Asian countries make it imperative for multiple agencies to collaborate, combining their resources and expertise to put an end to this fraudulent operation.
“The state police alone cannot unravel it due to its limitations,” a source from the Hyderabad police asserted.
As investigations continue and more information comes to light, it is hoped that these efforts will ultimately lead to the apprehension and prosecution of all involved in this elaborate investment scam, providing justice to the victims and serving as a deterrent to similar criminal activities in the future.
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