Hyderabad: Hyderabad Cyber crime police busted major money laundering scam worth of Rs. 903 crore on Wednesday and arrested 10 people. The police arrested two foreign nations one from Taiwan and one from China.

Hyderabad Police Commissioner CV Anand reveled the money laundering fraud to the media said that resident of Tarnaka who was lured into investing small amounts on the promise of double the profits. The complainant invested a sum of Rs 1.6 lakh and learned that he was cheated and approached cybercrime sleuths who opened an investigation.

Hyderabad CP said that the scam involves foreign nationals and money laundering in the name of AMCs (Authorised Money Changers. He explained the modus operandi followed by scamsters, Cybercrime ADCP KVM Prasad said that the money from their victims is invested by way of an app like LOXAM. The amounts are transferred to virtual accounts which are out of the ambit of banking systems.

The money is again sent to regular bank accounts and then exchanged through two AMCs Ranjan Money Corp and KDS Fortex Pvt Ltd. These AMCs convert rupees into dollars which are received by Sunny and Sahil who work along with two others fraudsters from Hyderabad in Dubai.

Investigators found Ranjan Money Corp and KDS Fortex had received a total of Rs 441 crore in a span of seven months and Rs 462 crore in 38 days respectively. The police have managed to freeze Rs 1.91 crore in various bank accounts and are investigating the precise role of the arrested Chinese and Taiwanese nationals.

CV Anand also said that the police made first arrest in the case was that of Virender Singh from Mumbai. The accused told the police that in July 2021  he was asked by Jack to open a bank account in the name of Xindai Technologies Pvt Ltd for the sake of commission. The second arrest was of Sanjay Kumar from Delhi who opened 15 bank accounts which were administered by Chu Chun-Yun. He received Rs 1.2 lakh as commission for each account, the police chief said.

CCS Joint Commissioner, Gajarao Bhupal said that those arrested in the case are Sahil Bajaj and Sunny while Virender operates from Mumbai and Sanjay from Delhi along with Navneeth. Syed Sultan and Mirza Nadeem Baig from Hyderabad were administered by Parvez from Dubai. In all, they opened 38 bank accounts.