Hyderabad police: Rs 903-crore investment fraud unearthed; Chinese and Taiwanese among 10 held

It was on the basis of a complaint from a Hyderabad resident who lost Rs 1.6 lakh after investing in an app called Loxam that police found out that the money was deposited in the Indus Ind Bank account of Xindai Technologies Pvt Ltd. But this account was opened by one Virender Singh Rathour on the instructions of a Chinese national by the name of Jack. Singh allegedly gave his internet banking username and password to Jack, and the bank account of Betench Networks Private Limited and Xindai Technologies Pvt Ltd shared a phone number. The Betench account was opened by one Sanjay Kumar Yadav of Delhi on the instructions of Lec alias Li Zhounjau and handed over to one Pei and Huan Zhuan in China, Anand explained.

The investigation, he said, found 15 other similar bank accounts opened by Sanjay Kumar, details of which were sent to Chu Chun-yu of Taiwan, who is temporarily residing in Mumbai. Chu Chun-yu told police that he sent bank account details, user IDs, passwords and SIM cards to other countries. Lec alias Li Zhounjau paid Sanjay and Virender a Rs 1.2-lakh commission per bank account, Anand said, adding that money was transferred from the bank account of Xindai Technologies to 38 bank accounts, including that of Hyderabad-based Syed Sultan and Mirza Nadeem Baig.

Sultan and Baig, according to the police commissioner, opened similar bank accounts in return for a commission on the instructions of one Parvez, who then gave details of bank accounts and internet banking credentials to one Imran who lived in Dubai. Police found out that Imran along with others used these two bank accounts for committing investment fraud.

The investigation found that the money received in the bank accounts of Ranjan Money Corp Pvt Ltd and KDS Forex Pvt Ltd account was converted into US dollars through various foreign exchange establishments citing international tours and travels by Navneet Kaushik. After converting rupees into dollars, Kaushik gave it to one Sahil and Sunny alias Pankaj, who transferred the amounts abroad through hawala operators, Anand said.

Police have so far arrested Lec aka Li Zhongjun (Chinese national), Chu Chun-yu (Taiwanese national), Virender Singh, Sanjay Yadav, Sahil Bajaj, Sunny alias Pankaj, Navneeth Kaushik, and Hyderabad residents Mohammad Parvez, Syed Sultan and Mirza Nadeem Baig.