The Telangana Cyber Security Bureau (TGCSB) arrested three men from Hyderabad for their involvement in an elaborate investment fraud worth Rs 13.16 crore. The suspects, identified as Sayed Khaja Hashim Uddin, Arafat Khaled Mohinuddin, and Mohd Atheer Pasha, were arrested for facilitating the scam through mule accounts that received proceeds from an illegal crypto business.
According to police reports, Hashim Uddin and Mohinuddin, who ran an illegal crypto trading operation, convinced Pasha to allow his bank account to be used for receiving the fraudulently obtained funds. In return, Pasha was promised a commission. Believing the operation to be legitimate, Pasha began to invest significant amounts of money into what he thought was a genuine investment opportunity.
Over time, Pasha invested a staggering total of Rs 13.16 crore, but when the promised returns failed to materialize, he realized he had been deceived. In distress, he approached the police, leading to the investigation and eventual arrest of the trio.
The arrested individuals are being interrogated, and authorities are investigating whether there are additional victims or further accomplices in this fraudulent scheme. The authorities have also seized multiple bank accounts and crypto assets linked to the crime.
This case highlights the growing threat of crypto-related scams and the role of mule accounts in facilitating such fraudulent operations.