A $700 million cybercrime involving Chinese handlers has been uncovered by the Hyderabad Police. At least 15,000 Indian victims, including highly compensated IT experts, were the victims of a large crypto wallet investment fraud totaling more than Rs 700 crore, according to Hyderabad Police Commissioner CV Anand.

Officials claim that the victims were persuaded to complete easy chores like liking YouTube videos or submitting Google evaluations in exchange for money. In connection with the case, nine people from various parts of India have been detained. Surprisingly, some of the fraudulent cryptocurrency wallet transactions were connected to a Hezbollah wallet that was connected to a terror financing module.The fraud involved enticing victims through platforms like Telegram and WhatsApp to invest small sums, promising lucrative returns. Victims, on average, suffered losses of Rs 5-6 lakh in less than a year.

As the investigation progressed, it was revealed that the scam involved 113 Indian bank accounts and a total amount of Rs 712 crore.The scam’s trajectory included enticing victims to invest small amounts, earning initial profits, and then coaxing them into multiple transactions with higher investment amounts. The illicit funds were converted into cryptocurrency and routed to China via Dubai.

Chinese operators were the masterminds behind the sophisticated scam, and they were operating Indian bank accounts remotely from Dubai. While investigators are aggressively looking for six further suspects who are believed to be based in Dubai, nine people have already been apprehended.

The intricate fraud involves an Ahmedabad resident working with Chinese nationals, sharing information about Indian bank accounts, and offering OTPs for remote access from Dubai/China via particular apps. Investigations also turned up evidence that one arrested person had shared over 65 accounts with Chinese nationals, resulting in transactions of Rs 128 crore.The incident has been reported to the Union Home Ministry’s cybercrime cell by the Hyderabad police.

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