The Economic Offences Wing (EOW) of Cyberabad Commissionerate has successfully cracked a major online investment fraud case, arresting Kunjathbail Mujib Sayyad, the main accused in the scam. Sayyad, a resident of Mangalore, Karnataka, allegedly masterminded a fraudulent online investment scheme named ‘Max Crypto Trading’.
The investigation into the scam was triggered after Shaik Ahmed, a resident of Farooqnagar village in Rangareddy district, Telangana, filed a complaint. According to the complaint, Sayyad, along with his associates, targeted innocent residents of Shadnagar and Hyderabad by promising investors a threefold return on their investment within a short span of 150 days. In addition to offering high returns, the scamsters also enticed individuals by offering commissions for recruiting new customers.
Trusting the fraudulent promises, Shaik Ahmed and 51 other victims from Shadnagar and Hyderabad made several deposits into the scheme. Initially, the returns were paid as promised, which helped the fraudsters build credibility among the victims. However, once they managed to accumulate around Rs. 1.66 crore from 52 victims, the accused abruptly shut down their website and Android application.
When victims attempted to contact the organizers for clarification, they were met with silence. Soon after, the local organizers of the scheme went into hiding, and the victims were left with no means of retrieving their funds.
The Cyberabad Police continue to investigate the scam, and further action is expected as they track down the remaining individuals involved in the operation of the fraudulent scheme. The arrest of Sayyad is a significant breakthrough in bringing the perpetrators to justice.
