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    HomeTelanganaHyderabad Police Commissioner Provides Update on Rs. 712 Crore Investment Scam, Reveals...

    Hyderabad Police Commissioner Provides Update on Rs. 712 Crore Investment Scam, Reveals Use of Cryptocurrency for Money Transfers

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    The Hyderabad Cyber Crime Police has caught nine cyber criminals involved in investment scams. They seized many cellphones, laptops, and debit cards from the suspects. The police think that these individuals, from Lucknow, Gujarat, and Hyderabad, may have connections with criminals in Dubai and China. The gang has already stolen around Rs. 712 crores.

    CV Anand, the Hyderabad City Commissioner of Police, shared more information about the case. He said that the money gained from these scams is transferred from Dubai to China using cryptocurrency. Some of this money was found to be going towards a crypto website used by terrorists. The Commissioner stressed the need for national-level coordination to fight against such scams and said that the central government would be informed about the matter.

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    The Commissioner also mentioned that despite efforts to raise awareness about cyber frauds, some innocent people, including software employees, still fall victim to these schemes. He gave an example of an IT employee who lost 82 lakhs due to a cyber fraud.

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    Rajesh M
    Rajesh M
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