Hyderabad Cybercrime Police have arrested two men from Pune, Maharashtra, for their involvement in a nationwide investment fraud scheme. The scam is linked to 27 cases across India, including one in Telangana.
The arrested suspects are Reynold Vincent Cyril, a tech expert, and Manish Dinesh Sonawane. Police say they provided bank accounts that cybercriminals used to move stolen funds. These accounts helped the scammers hide their tracks and continue cheating people.
The investigation began after a 40-year-old man from Hyderabad was tricked into a fake stock investment scheme. He was lured through social media, where scammers promised huge profits.
He deposited money into what he believed was a genuine investment platform. At first, the site showed that he was earning profits. But when he tried to withdraw his money, the option was blocked. The scammers then demanded more money, claiming it was for taxes and currency conversion fees.
In total, the victim lost Rs 17.3 lakh.
Police are now working to identify others involved in the larger cybercrime network. They are also warning the public to stay alert and avoid falling for similar online schemes.
