In a major breakthrough against digital investment scams, Hyderabad Cybercrime Police arrested two individuals from Pune, Maharashtra, on Thursday. The suspects, Reynold Vincent Cyril — a techie — and Manish Dinesh Sonawane, were allegedly involved in 27 investment fraud cases across India, including one in Telangana.
According to officials, both men acted as bank account suppliers for cyber fraud networks. Their accounts were used to collect and transfer funds from unsuspecting victims targeted via social media platforms.
In one recent case, a 40-year-old Hyderabad man was approached online by fraudsters who persuaded him to invest in stock markets with promises of high returns. Initially, the investment account showed profits, but the withdrawal option was soon disabled.
The fraudsters then demanded additional payments under the guise of tax and conversion charges. Ultimately, the victim lost Rs17.3 lakh in the elaborate scam.
The arrests are part of ongoing efforts to dismantle cybercrime networks that exploit fake investments and fraudulent digital banking setups.
