Hyderabad: Transnational investment scam busted; 4 held for cheating ex-CBI JD Lakshmi Narayana’s wife of ₹2.58 Cr
Police investigations revealed that the fraud was orchestrated by a Myanmar-based syndicate
By - Newsmeter Network
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Hyderabad: Cybercrime police have busted a transnational investment scam and arrested four fraudsters for cheating the ex-CBI JD Lakshmi Narayana’s wife of Rs 2.58 crore in Hyderabad.
Investigators revealed that the scam was being operated from Myanmar. The accused were allegedly facilitating the fraud by arranging mule bank accounts in Bihar and West Bengal.
The accused were brought to Hyderabad on transit warrants and remanded to judicial custody. Police have frozen Rs 45 lakh so far.
Scam operated through WhatsApp Investment Links
According to the police, the fraud began in November last year when the wife of a retired IPS officer, a resident of Banjara Hills, received a WhatsApp message containing a stock market investment link.
The fraudsters promised exorbitant returns, claiming investors could earn up to 500 times their investment.
Believing the claims, the victim was added to an online group named “Stock Market Profit Guide Exchange Group-20”, where the fraudsters posed as market experts and gained her confidence.
Rs 2.58 crore collected in 19 transactions
Since she had limited knowledge of stock trading, she sought help from her husband in investing in shares.
Between December 24 and January 5, the accused persuaded her to make 19 separate transactions, totaling Rs 2.58 crore, under the pretext of high-return investments.
The fraudsters displayed fake digital account statements, showing profits of nearly Rs 2 crore, to further build trust.
Withdrawal denied, more money demanded
When the victim attempted to withdraw the displayed profits, the accused denied access and demanded additional payments, citing various charges and conditions.
Realising she had been cheated, the victim lodged a complaint with the police on January 5 by dialing the national cybercrime helpline 1930.
Myanmar-Based Syndicate, Mule Accounts Used
Police investigations revealed that the fraud was orchestrated by a Myanmar-based syndicate, while the arrested accused played a key role in arranging mule bank accounts used to siphon off the funds.
Further investigation is underway to identify other members of the network and trace the remaining money.
