Hyderabad: Chinese cheats, famous for their loan applications, back in business.
They have now floated investment applications through their former employees and those who were cheated.
More than 80 cases of investment fraud have been registered in the last few months in Hyderabad only.
Police arrested two Indians last week who worked for Chinese-based extortion.
The latest modus operandi is sending bulk sms to people who offer job opportunities for part-time houses with MNC with a guaranteed daily income between Rs 1,000 and Rs 3,000, said Cyberabad ACP K K Balakrishna Reddy.
“Click on the link in the SMS point the victim to contact a fraud cheater, who will ask them to register on a website or application via telegram.
Then, the victim was asked to pay a small amount, which would double.
In one or two days.
After the victim invested the number bigger, said the fraudsters stopped, “said Hyderabad ACP KVM Prasad.
Of the 50 complaints received, the police tracked two bank account holders from Hyderabad – Srinivasa Rao (45), an accountant, and N Vijaya Krishna (37).
Police said Rao told them that he had worked in a private company operated by two Chinese people he knew as Michel and Jollie.
“He claimed they closed the business in January and left,” police said.
“As in the case of loans, sites and investment applications have the same interface.
So Chinese fraudsters, whose real names have not identified, are behind this fraud,” police said.