The Hyderabad Cybercrime Police have arrested Kandukuru Sulthan Ahmad Khan (28) from Kadiri in Andhra Pradesh for his role in a large-scale online investment fraud.
The case originated from a complaint by a Kalyan Nagar resident who was tricked into investing Rs24.71 lakh through a WhatsApp group called “Navuma 915 Insights Stocks.” The victim was promised huge returns through a fake trading app, which falsely displayed a balance of Rs40.60 lakh. When the victim attempted to withdraw the amount, the fraudsters demanded an additional Rs23 lakh, refusing to release the funds.
During investigation, police found that the fraudulent transactions were funneled through a Karur Vysya Bank account registered under “SULTAN IMPORTS & EXPORTS.” Khan allegedly supplied mule accounts through a Telegram group named “Pandapay Official Channel” and earned commissions for enabling illegal fund transfers.
Authorities discovered that Khan received $2,100 in USDT, which he later converted to Indian rupees and deposited in his DBS Bank account. He had also opened multiple bank accounts for cybercrime syndicates, aiding in laundering money from various scams.
Investigators revealed that Khan was linked to frauds worth Rs3 crore within just three days. So far, at least 15 cyber fraud cases have been registered against him across Telangana, Maharashtra, Delhi, Karnataka, and Tamil Nadu.
Police are continuing their probe to trace his associates and recover the siphoned funds.
