Hyderabad: Accused in Chinese fraud moved Rs 30 crore via Dubai a/c

HYDERABAD: Continuing the probe into the Chinese investment fraud which was busted recently after the arrest of 10 persons including a Chinese and a Taiwan national, Hyderabad additional commissioner of police (Crimes) AR Srinivas on Tuesday said that they nabbed the wanted accused Imran at Mumbai airport, after he returned from Dubai.
Police said that a Hyderabad-based victim who lost nearly 2 lakhs by making an investment through Loxam app, had hoped to get high returns, and that his money was actually credited into a bank account belonging to Xindai Technologies. Similarly, money of other victims was also transferred into the same account. “From Xindai’s account, a large portion of the money was transferred to 38 different bank accounts. The remaining money was transferred into the bank accounts of Hyderabad residents- Syed Sultan and Mirza Nadeem Baig. However, during interrogation when Sultan and Nadeem spilled the beans, police came to know that the accounts were opened by the duo on the instructions of one Parvez, and that the money from their accounts were transferred into the bank accounts of Imran who resides in Dubai.
“After Imran was caught on his return from Dubai, he said that nearly 30 crores in his accounts were transferred to a foreign national’s account. Imran said that he did it for his share of commission. The trail of transactions done by Imran and his associates, was done through transfer of money from one bank account to another,” assistant commissioner of police (Cyber Crime) KVM Prasad told TOI.
He said that in this scam most of the money from 38 accounts was diverted to Ranjan Money Corp and KDS Forex, who converted 903 crores into US $ via forex and they were withdrawn by the arrested, Sahil and Sunny, who allegedly diverted the money through hawala channels to the Taiwan national.