Hyderabad: Thousands of people were duped by an online crypto trading company in the city. Cases were filed against the alleged fraudsters at different police stations in the city after the victims lodged complaints with the police.
The scam running into crores of rupees involves local leaders of old city Hyderabad who had allegedly supported some persons from Bengaluru who claimed to have connections with big traders of crypto currency.
The victims alleged the Max Crypto Trading Company was flouted and the fraudsters claimed its head office is in Ajman in United Arab Emirates.
“A man named Mujeeb and some persons who claimed to be from the management of the company and appointed Amair Hussain, Muqeed and others are leaders. A function was held at a Sai Durga function hall at Mailardevpally and lured people by telling them there is an online investment scheme and people investing a certain amount for 150 days will get huge profits,” said Mohd Nisar, a victim.
After becoming a member, the investors were given an ID and password to operate and make investments through a MAX App.
“In the starting all were paid the Returns on Investments (RIO) in US dollars. Suddenly they switched over to some other alleged crypto currency and the profits dwindled and later blocked access of all the investors to the application,” said Muneer, another victim.
Small-time traders, daily wagers, pensioners, widows, auto drivers fell prey to the fraudsters. On investment of Rs. 50,000, the company assured Rs. 1 lakh profit after 150 days. Again the profit would multiply several folds.
‘People invest huge amounts ranging from Rs. 1 lakh to Rs. 5 lakh and liberally all made investments. Before the 50 day initial period only the company winded up. There is no office in Hyderabad or Bengaluru, everything is online trading,” said another investor.
The Hyderabad Detective Department police on information booked a case and started investigation.
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