AMN
Hyderabad police has busted an investment fraud allegedly running into more than 900 crore rupees involving nationals of Taiwan and China. Ten persons including a Taiwan national and a China national were arrested by the police in the scam in which lakhs of persons were suspected to have been lured on pretext of high profits. They duped to a tune of 903 crores.
Hyderabad Police Commissioner, C V Anand announced the arrest of the ten persons at a press conference in Hyderabad yesterday. He said the two companies Ranjan Money Corp and KDS Forex Private Limited played a crucial role in the scam. He said both the companies helped the fraudsters convert the money into foreign currency and later sent it through hawala to a foreign country. The police investigations revealed that the main kingpin of the racket is based in China and with the help of nationals of various countries was operating the fraud in India. The Commissioner said the police will inform the Enforcement Directorate, Intelligence Bureau, Central Bureau Investigation and other agencies about the case and seek their help to investigate.