Hyderabad: Chinese cheats, famous for their loan applications, back in business.
In their latest avatar, they have 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.
So far the police have arrested two Indians last week who worked for Chinese-based extortion.
The latest modus operandi is to send bulk sms to people who offer part-time employment opportunities – from 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 lead the victim to contact fraudsters, which are instead of offering work directly, will captivate them to register on the website or application through the Telegram application.
After registered on the application, the victim was originally asked to pay a small amount of, which would multiply in a range of one or two days.
After the victim invested a larger number, fraudsters stopped payment, “said Hyderabad ACP (Cyber Crime) KVM Prasad.
Of the 50 complaints received about investment fraud, the police have managed to track two bank account holders – Srinivasa Rao (45), an accountant from Srinagar Colony, and his friend N Vijaya Krishna (37) from Nallakunta.
The police said Srinivasa Rao told them that he had worked for two Chinese citizens he knew as Michel and Jollie.
“Srinivasa Rao is an accountant at a private company based in Madhapur which is operated by two Chinese citizens.
Rao claims that he did not realize what his employer did.
They closed the business in January 2021 and left,” said the police.
Rao claimed that a few months ago his former employer contacted him and made him register private companies along with bank accounts accused and open on the name of the company.
“Rao and Vijaya Krishna provide details of Internet Banking from their newly opened accounts to China.
Rao claimed that he was offered a monthly salary commission of Rs 15,000,” said an investigation.
With regard to the only case resolved in the city, the police have identified 10 bank accounts, which two are operated by two Indians who are arrested and the remaining accounts are in other countries.
The police wrote to the bank who searched for account details and asked them to freeze the account.
“We have observed that from the RS 36 Lakh account was transferred to another account in one day.” The police said.
Accused of admitting that the Chinese are behind investment fraud, the police now believe that fraudsters, involved in the case of loan applications, are also behind the application-based investment scheme.
Freezing of Chinese applications back in business in Hyderabad
