Hyderabad Cybercrime police arrested six individuals involved in a sophisticated online investment fraud that duped a 34-year-old woman from Tarnaka of over ₹1.05 crore. The accused were identified as A Harsha Vardhan, K Venu, M Pradeep, P Vinodh Yadav, P Vamshi, and M Laxman. The case emerged after the victim filed a complaint reporting that she was deceived between January and July 2025 by fraudsters who contacted her using Instagram and Telegram.
These perpetrators posed as officials of the National Stock Exchange (NSE) and Coin SSDCX, enticing the woman into fake online tasks and fake trading investments. To build trust, small amounts were credited to her account initially. Later, she was convinced to transfer significant sums as investment targets and tax clearances.
Victim Transferred ₹1.05 Crore; No Refunds Issued
Altogether, the victim transferred ₹1,05,03,752 across multiple bank accounts controlled by the accused. Although the fraudulent trading app showed a misleading balance of ₹6.05 crore, the victim was never refunded. The cybercrime officials explained that the fraudsters approached victims via various social media platforms, including Instagram, Telegram, WhatsApp calls, and messages, impersonating representatives of reputed organizations using professional language.
They created fake investment dashboards and apps to display false profits. Once the victims transferred money, the fraudsters cut off all communication, blocking further contact.
Money Laundering via Multiple Bank Accounts and Cryptocurrency
Investigations revealed that the arrested suspects had opened and operated more than 50 bank accounts to launder the defrauded funds. These accounts were used to withdraw cash and acquire cryptocurrency that was then transferred abroad to the key suspect, Chen Chen from China, who is currently absconding.
The accused received commissions for each transaction and cash withdrawal. Police seized debit cards, bank passbooks, cheque books, mobile phones, fingerprint machines, and scanners from the accused during the arrests.
Authorities have issued a public advisory warning citizens to remain vigilant against such fraudulent investment schemes.