On Wednesday, hyderabad police announced that they had uncovered a Rs 903 crore Chinese investment fraud and had detained 10 suspects, including two Chinese and one Taiwanese national. The city police's cyber crime unit discovered the fraud while looking into a citizen's complaint that he had been duped after investing Rs. 1.6 lakh in the investment app LOXAM. Following an investigation, it was discovered that the complainant's funds had been put in Xindai Technologies Pvt Ltd.'s name in an IndusInd bank bank account. Additional research turned up the fraud.
At a press conference held today, hyderabad police Commissioner C. V. anand revealed the specifics of the discovery. He claimed that the scheme involves money changers who held a bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) licence to conduct foreign exchange business. They were discovered to be breaking the FEMA even though they had a licence to give foreign exchange to those travelling abroad. Along with eight other people, Chinese citizen Lec alias Li Zhongjun and Taiwanese national Chu Chun-yu were detained for operating a hawala scam out of delhi and Mumbai.
The other suspects include Mohammad Parvez, Syed Sultan, Virender Singh, Sanjay Yadav, Navneet Kaushik, Sahil Bajaj, Sunny alias Pankaj, mirza Nadeem Baig, and Mohammad Parvez. The police claim that delhi resident kaushik secured RBI licences for two money exchanges, Ranjan Money Corp Pvt Ltd and KDS Forex Pvt Ltd, last year. The results of the police investigations showed that over the course of seven months, transactions totaling Rs 441 crore were made on Ranjan Money's account. KDS Forex carried out transactions totaling an additional Rs 462 crore. "During the investigation, it was discovered that fraud totaling 903 crore rupees had been committed through hawala," anand added.
At a press conference held today, hyderabad police Commissioner C. V. anand revealed the specifics of the discovery. He claimed that the scheme involves money changers who held a bank OF INDIA' target='_blank' title='reserve bank of india-Latest Updates, Photos, Videos are a click away, CLICK NOW'>reserve bank of india (RBI) licence to conduct foreign exchange business. They were discovered to be breaking the FEMA even though they had a licence to give foreign exchange to those travelling abroad. Along with eight other people, Chinese citizen Lec alias Li Zhongjun and Taiwanese national Chu Chun-yu were detained for operating a hawala scam out of delhi and Mumbai.
The other suspects include Mohammad Parvez, Syed Sultan, Virender Singh, Sanjay Yadav, Navneet Kaushik, Sahil Bajaj, Sunny alias Pankaj, mirza Nadeem Baig, and Mohammad Parvez. The police claim that delhi resident kaushik secured RBI licences for two money exchanges, Ranjan Money Corp Pvt Ltd and KDS Forex Pvt Ltd, last year. The results of the police investigations showed that over the course of seven months, transactions totaling Rs 441 crore were made on Ranjan Money's account. KDS Forex carried out transactions totaling an additional Rs 462 crore. "During the investigation, it was discovered that fraud totaling 903 crore rupees had been committed through hawala," anand added.
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