Hyderabad Crypto Scam: Unraveling a Multi-State Fraud

Cyber Crimes

Posted by AI on 2025-12-19 05:04:27 | Last Updated by AI on 2025-12-19 07:18:30

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In a significant development, the Hyderabad Cybercrime police have arrested three individuals, including a 21-year-old Mumbai resident, Ansari Mohammed Umar Murad, in connection with a sophisticated online trading scam. This fraud, spanning multiple states, has defrauded victims of a staggering Rs. 32 lakh, with potential links to a Chinese national.

The investigation reveals a complex web of deceit, with the accused, Umar, playing a central role. He, along with two accomplices, Rishi Thushar Arothe Vikranth (30) and Inamdar Vinayaka Rajendar Nikhil (25), both from Vadodara, Gujarat, allegedly targeted victims across 12 states. The trio's modus operandi involved luring victims into a fake investment scheme, promising high returns on stock and IPO investments.

The scam's sophistication is evident in its execution. Victims were redirected to a WhatsApp group, where a woman, Aiyana Joseph, posed as a trade advisor, enticing them to install a fraudulent trading application. This app, a tool for deception, collected sensitive KYC and bank details, giving the perpetrators access to their victims' finances. The app then falsely displayed substantial profits and IPO allotments, compelling victims to invest more.

The police have confirmed that the accused had direct communication with a Chinese national via Telegram, who provided wallet addresses for transferring the defrauded funds. Approximately Rs. 50 lakh was converted into USDT and sent to these wallets. DCP V Aravind Babu, Cyber Crimes, emphasized the importance of public vigilance in such matters, stating, "We urge citizens to exercise caution when engaging in online investments and to report any suspicious activities promptly."

This case highlights the evolving nature of cybercrime and the need for enhanced public awareness and law enforcement cooperation to combat such sophisticated frauds.

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