Tarnaka resident cheated of over Rs 1 crore in fake investment scam; 6 held

Hyderabad: The Cyber Crime Police of Hyderabad have arrested six persons for their involvement in a massive investment fraud, in which a 34-year-old woman from Tarnaka was cheated of more than Rs 1 crore.

The gang, operating through fake trading apps and mule bank accounts, posed as representatives of reputed financial firms to lure victims with false promises of high returns.

Victim cheated out of over Rs 1 crore

Police said the complainant was contacted between January and July 2025 by fraudsters impersonating officials of NSE and Coin SSDCX through Instagram and Telegram groups.

Initially, the victim was offered small profits to gain her trust. Later, she was persuaded to make large transfers in the name of investments, tax clearance and target approvals.

In all, she transferred Rs 1,05,03,752 into several bank accounts.

Though her app account falsely displayed Rs 6.05 crore, she was unable to withdraw any amount, eventually realising she had been duped.

How the scam worked

According to investigators, the accused followed a systematic modus operandi. Victims were first approached through social media platforms, WhatsApp calls or messages.

The fraudsters then used professional language, impersonated reputable companies and showed fake profits on fraudulent apps and websites to convince them.

Once substantial money was deposited, the victims were blocked from further contact.

A Chinese national is involved

The arrested accused were identified as Addulapuri Harsha Vardhan, Konduru Venu, Mylaram Pradeep, Pachipala Vinodh Yadav, Parasanaboina Vamshi and Mangali Laxman.

Laxman opened an IDFC Bank account to receive cybercrime proceeds and handed over his ATM card for commission. Vinodh Yadav and Pradeep circulated the cards, earning commissions on each transaction.

Venu and Vamshi withdrew cash from ATMs and petrol pumps before depositing it into mule accounts.

Harsha Vardhan purchased cryptocurrency (USDT) with the proceeds and transferred it to the main accused, Chen Chen, a Chinese national.

Gang had more than 50 bank accounts

Investigations revealed the gang had procured more than 50 bank accounts and routed several crores of rupees through them before transferring the money abroad.

During the operation, police seized debit cards (15), passbooks (3), a cheque book (1), mobile phones (8), a fingerprint machine (1), and a scanner (1).

Public advisory

Cyber Crime Police have urged citizens to remain alert against fraudulent investment schemes promoted on social media platforms.

Officials stressed that genuine companies do not approach individuals directly for investments and advised people to verify such offers before transferring money.

Victims of cybercrime can seek immediate help by dialling 1930 or visiting cybercrime.gov.in.