A Chinese investment fraud has been busted in Hyderabad and it is of a value of 903 crore rupees. The police arrested 10 accused, including a Chinese national along with a Taiwanese national. The cyber crime cell of the city police busted the fraud during the investigation into a complaint by a citizen cheated by Chinese app LOXAM.
After receiving the complaint, the Hyderabad police started investigation and found that the money of the complainant was deposited in the bank account of IndusInd Bank in the name of Xindai Technologies Pvt Ltd. As the cops probed further, they have come to know that there is a big scam in it.
Hyderabad police commissioner CV Anand announced the details of the breakthrough at a news conference in the city. Chinese national Lec alias Li Zhongjun and Taiwanese national Chu Chun-yu have been arrested along with eight others for running a hawala scam. Sahil Bajaj, Sunny alias Pankaj, Virender Singh, Sanjay Yadav, Navneet Kaushik, Mohammad Parvez, Syed Sultan, and Mirza Nadeem Baig are the others arrested.
“It has come to light during the investigation that fraud has been committed through hawala to the extent of 903 crore rupees,” Anand said at the press conference.
