Three Arrested in ₹3.24 Crore Investment App Fraud

Fast Summary

• The Telangana Cyber Security Bureau (TGCSB) in Hyderabad has arrested three individuals-Md. Raziuddin,Md. Waliullah, and Mohd. Zubair Khan-in connection with a ₹3.24 crore online investment scam.
• Victims where lured through a fake trading app impersonating ‘Bajaj Financial Securities Limited,’ promising assured returns via block trading and IPOs.
• A Hyderabad-based complainant revealed the fraud after investing ₹3.24 crore but being unable to withdraw his funds beyond an initial ₹5 lakh withdrawal.
• Investigators found that the victimS money was routed through several bank accounts before being converted into cryptocurrency (USDT) via Binance.
• Telegram channels suspected of foreign origin were used by one of the accused,Raziuddin,to find money-laundering opportunities.
• Waliullah and Zubair assisted in opening multiple accounts for routing fraudulent proceeds; Zubair reportedly opened five bank accounts and received payment for his services.
• The masterminds behind the scheme are believed to be operating from Cambodia under false names such as “Prisha Singh” and “Purav Jhaveri.” Efforts are ongoing to trace their identities.
• Sai Amarnath, another individual linked to the case who opened mule accounts under ‘Cam Zoom Services,’ is already arrested and faces charges in over 14 cyber fraud cases across India.

Indian Opinion Analysis

The arrest highlights growing sophistication in cybercrime operations targeting Indians through schemes masquerading as legitimate financial services apps. With international connections suspected behind such scams-as evidenced by links with Telegram channels operated by foreign nationals-it underscores vulnerabilities associated with cross-border cryptocurrency transactions. Moreover, participation at local levels shows how fraud networks exploit ordinary individuals to facilitate criminal activities.

India’s ongoing efforts to regulate digital financial systems need further upgrades-not just for prevention but also better investigative frameworks capable of addressing crimes involving decentralized cryptocurrencies like USDT. cases like this emphasize collaboration between state-level bureaus like TGCSB and international agencies crucial for tackling global cybercrime networks.

For victims, awareness campaigns focusing on education regarding red flags such as requests for additional payments before withdrawals could curb susceptibility towards similar scams in the future.

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