Hyderabad: Hyderabad Police claimed to have unraveled a Chinese online investment fraud to the tune of Rs 903 crores and announced the arrests of 10 people including a Chinese and a Taiwanese nationals.
Police clarified that the Chinese masterminds were using the forex money exchangers authorized by the Reserve Bank of India to convert funds illegally gathered through dubious mobile applications to US dollars. The accused further transferred them abroad through hawala operators. They also used a network of bank accounts that they had created in the names of Indians.
Commissioner C V Anand confirmed that police identified the fraud of Rs 903 crores but has managed to seize only Rs. 1.91 crores by freezing bank accounts. “A majority of the money from these 38 bank accounts of Xindai Technologies went to Ranjan Money Corp and KDS Forex Pvt Ltd. The police has acted on a complaint of a Hyderabad resident who lost Rs 1.6 lakhs after investing in an app called Loxam. He later found that the money was actually deposited in the Indus Ind Bank account of Xindai Technologies Pvt Ltd.