2024

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The Economic Offences Wing (EOW) of the Cyberabad Police in India has dismantled an online investment scam, apprehending Kunjathbail Mujib Sayyad from Mangalore, Karnataka. Sayyad is accused of masterminding a fraudulent scheme called ‘Max Crypto Trading,’ which duped numerous investors in Shadnagar and Hyderabad. 
The scam lured victims with the promise of tripling their investments within 150 days. Attractive commission structures further enticed investors: enrolling two new members earned a 2% commission while enrolling four yielded 5%. This multi-level marketing approach quickly attracted many participants. 
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 The Cyberabad police have busted an online investment scam with the arrest of a person identified as Kunjathbail Mujib Sayyad from Manglore in Karnataka. <a href="https://twitter.com/hashtag/Hyderabad?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Hyderabad</a> <a href="https://twitter.com/hashtag/CyberabadPolice?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#CyberabadPolice</a> <a href="https://twitter.com/hashtag/OnlineScam?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#OnlineScam</a>&nbsp;<a href="https://twitter.com/hashtag/InvestmentScam?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#InvestmentScam</a> <a href="https://t.co/AmCpVH3Vqy" target="_blank">https://t.co/AmCpVH3Vqy</a>— Deccan Chronicle (@DeccanChronicle) <a href="https://twitter.com/DeccanChronicle/status/1806579184493580496?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 28, 2024</a>
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The scheme began to unravel when Shaik Ahmed, a resident of Farooqnagar Village in Ranga Reddy district, Telangana, filed a complaint. Ahmed and 51 others from Shadnagar and Hyderabad had invested in Max Crypto Trading.&nbsp; 
Initially, the scheme seemed legitimate, with the accused delivering on their promises to build trust. However, after <a href="https://www.deccanchronicle.com/southern-states/telangana/cyberabad-police-busted-online-investment-scam-1-held-901182" target="_blank" rel="noreferrer noopener nofollow">amassing</a> a total of $16.6 million (₹1.66 crores) from 52 investors, the organizers abruptly shut down their website and mobile app, disappearing with the funds. 
Despite the victims’ attempts to contact the organizers, they were met with silence, and the local associates vanished. Consequently, a case was registered under No. 759/2022 at Shadnagar Police Station, citing sections 420, 406, and 120-B of the IPC, along with Section 5 of the TSPDFEA-1999. The case was subsequently transferred to the Economic Offences Wing Police Station for a more thorough investigation. 
Under the guidance of K. Prasad, Deputy Commissioner of Police (EOW), Cyberabad, and led by Inspector B. Narahari, the investigation is ongoing. The Cyberabad Police urge the public to remain vigilant against such schemes, warning that scammers often deliver initial returns to gain trust before absconding with large sums of money. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/26/fbi-warns-of-law-firm-impersonation-in-crypto-scam/" target="_blank" rel="noreferrer noopener">FBI Warns of Law Firm Impersonation in Crypto Scam</a> 
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Indian Police Busted $16 Million in Max Crypto Trading Scam

The Crypto Times

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