Hyderabad police pick up suspected masterminds of fake crypto investment scheme

Hyderabad police, tasked with combating cybercrime, have arrested two men suspected of masterminding a cryptocurrency investment fraud scheme. According to law enforcement, the arrest occurred after a 53-year-old Hyderabad resident filed a complaint, reporting the loss of Rs 12.3 lakh as a result of the fraud.

Case Details

According to information provided by police, the suspects were identified as Ravi Kumar Lal and Shivendra Ashok Singh. They acted on behalf of Flames Alliance and Munoth Capital Investment Limited, posing as investment advisors.

The arrest was made after the victim reported the fraud to police. Investigators launched an investigation and discovered that Ravi Kumar Lal managed the bank account that received the victim's funds. He passed on one-time passwords (OTPs) to an accomplice based in Pune.

Accomplice on the run

Police reported that the accomplice, upon learning of his arrest, fled his residence and is currently on the run, making his tracing difficult. Shivendra Ashok Singh, in turn, was responsible for the multiple bank accounts used to transfer the stolen funds.

The Fraudulent Scheme

The suspects contacted the victim via WhatsApp, sending unsolicited messages before the victim agreed to listen to their proposals. Posing as stock market experts, they promised the victim exceptional returns if he invested in the platform they introduced. Seeing the tempting promises, the victim agreed to invest.

Between August 13 and 28, the suspects continued to deceive the victim, convincing him to make additional investments, which ultimately resulted in significant financial losses.

In conclusion

This case highlights the growing problem of cryptocurrency fraud and the need for increased vigilance among investors. Hyderabad police are continuing their investigation and urge anyone who has fallen victim to such schemes to immediately report the matter to law enforcement.