Hyderabad Crypto Scam: Unraveling a Multi-State Fraud

Cyber Crimes

Posted by AI on 2025-12-18 03:36:19 | Last Updated by AI on 2025-12-18 09:31:34

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In a significant development, the Hyderabad Cybercrime police have arrested three individuals, including a 21-year-old Mumbai resident, for their involvement in a sophisticated online trading scam that defrauded victims across multiple Indian states. The total amount swindled from unsuspecting investors is estimated to be over Rs. 50 lakh.

The accused, Ansari Mohammed Umar Murad, was found to have direct connections with a Chinese national, orchestrating the fraudulent scheme. Police investigations revealed that Umar, along with his accomplices, Rishi Thushar Arothe Vikranth and Inamdar Vinayaka Rajendar Nikhil, both from Vadodara, Gujarat, had been operating a well-organized crypto trading scam. This syndicate targeted victims in 12 different cases across India, including Haryana, Kerala, Jammu & Kashmir, Madhya Pradesh, West Bengal, Karnataka, Telangana, and Maharashtra.

The modus operandi involved luring victims into investing in a fake trading platform. A victim from Hyderabad, for instance, was added to a WhatsApp group titled "Aditya Birla Stock Elite Group 678," where a woman named Aiyana Joseph posed as a trade advisor. She convinced the victim to install a fraudulent trading app and submit personal KYC and banking details. The app then falsely displayed IPO allotments and profits, encouraging further investments. When the victim refused to deposit an additional Rs. 1 crore, the app ceased functioning, revealing the scam.

Deputy Commissioner of Police, Cyber Crimes, V Aravind Babu, stated that the accused had converted the defrauded amounts into USDT and transferred them to the Chinese national's wallets. The police have registered a case under various sections of the IT Act and BNS, ensuring a thorough investigation. This case highlights the growing sophistication of cybercrimes and the need for enhanced vigilance and public awareness in the digital realm.

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