Tag Archives: financial fraud

Newsbeat

Hyderabad MLM Scam: Man Held by CID

Hyderabad MLM Scam: Man Arrested for Cheating People Through Online Scheme

Hyderabad: The Telangana Crime Investigation Department (CID) has arrested a man involved in a Hyderabad MLM scam. He allegedly tricked several people into investing money in a fake online multi-level marketing scheme.

The accused, T Madhusudhan from Ghatkesar, first invested ₹2.2 lakh in a company called Fanuc India. After getting some profit, he began encouraging others to join the company. He earned commissions for bringing in new investors.

According to CID Director General Shikha Goel, Madhusudhan targeted poor individuals and convinced many of them to invest. Unfortunately, most of them suffered financial losses.

The Hyderabad MLM scam led to several complaints, and the CID took action. Madhusudhan was brought before the court and has been sent to jail.

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Newsbeat

Cybercrime Probe Bank Staff’s Role in Fraud Surge

Cybercrime officials are looking into the involvement of bank staff in the increasing number of fraud cases, where criminals use ‘mule accounts’ to deceive people.

Recently, investigators discovered that fraudulent accounts, including current accounts, were being opened in banks in Hyderabad and across India. Basic verification processes were often ignored by bank employees, and large suspicious transactions went unnoticed.

Despite the Telangana Police conducting awareness programs and alerting bank management about these issues, bank staff have continued to neglect proper verification. As a result, criminal charges are now being brought against those involved. Two bank employees in Hyderabad have already been arrested for their role in a major financial fraud.

The investigation also revealed that brokers help fraudsters open these mule accounts using other people’s credentials in exchange for a commission. Some bank officials are suspected of receiving bribes to overlook these fraudulent activities.

Telangana Police have written to the Reserve Bank of India (RBI), urging them to enforce stricter verification procedures for new bank accounts. The police are also conducting awareness programs for bank employees in the state, and coordinating with RBI and local police in other areas to ensure compliance with guidelines.

Source.

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Newsbeat

Beware of Fake Chinese Police Scams Worldwide

Scammed by Fake Chinese Police

Chinese people worldwide are being targeted by a scam where criminals pretend to be Chinese police. A British-Chinese woman, Helen Young, shared her story with the BBC. She lost her life savings to con men who wore police uniforms in video calls and even gave her a virtual tour of what looked like a police station.

Helen, an accountant in London, was made to believe she was on China’s most wanted list. Scammers convinced her she was under investigation for a huge fraud in China. They showed her fake evidence and threatened extradition. In fear, Helen sent them her £29,000 life savings as “bail money.”

Helen feels foolish now but says the scam was very convincing. This type of scam has targeted many in the Chinese community. Chinese embassies and the FBI have warned about these scams. In one case, an elderly woman in Los Angeles handed over $3 million, thinking it would stop her extradition.

The scam often starts with a simple phone call. In Helen’s case, it was a person claiming to be a Chinese customs officer about an illegal parcel in her name. She was transferred to “Officer Fang,” who appeared in a video call wearing a police uniform. He showed her a tour of a police station, convincing her it was real.

Officer Fang later accused Helen of involvement in a financial fraud and showed her fake bank statements. He made her sign a confidentiality agreement, warning that breaking it would lead to more trouble. The scammers even made her download an app to monitor her actions.

Helen tried to continue her normal life while working on a personal statement as instructed. She was shown a video of a supposed suspect naming her as an accomplice, which made her believe she was in serious trouble. When Officer Fang threatened extradition, Helen was told to transfer her savings as bail.

After sending £29,000, Helen was asked for another £250,000. Desperate, she tried borrowing from a friend who alerted her daughter. Helen then realized it was a scam. Her bank eventually refunded her money, but the experience was traumatic. She crashed her car twice due to stress and sleep deprivation.

Some victims of these scams have been pushed to fake their own kidnappings to get ransom money from their families. Detective Superintendent Joe Doueihi from New South Wales Police has warned about these “virtual kidnappings.” Victims are coerced into making videos to appear as if they’ve been kidnapped, which are then used to demand ransom.

Scammers also trick victims into believing they are working for the Chinese government, using them to intimidate other Chinese students. These scams are often run by Chinese organized crime groups in places like Myanmar, Cambodia, and Laos. Chinese state media reports that many suspects have been returned to China.

Awareness of these scams is growing. A student in Japan, who realized he was being scammed, recorded his conversation with the scammers. He refused to hand over money and warned others to be cautious of calls from unknown numbers.

Source.

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Newsbeat

Rs.60 Lakh Cyber Fraud Foiled! Helpline Saves Woman

Woman Saved from Losing Rs. 60 Lakh in Cyber Fraud: TSCSB Helpline Hailed for Swift Action

A woman in Hyderabad was nearly the victim of a cyber fraud involving a staggering Rs. 60 lakh, but thanks to the quick thinking of the victim and the TSCSB’s Cyber Crime Helpline, she was saved from losing her money.

The incident occurred on May 15th when the woman received a call from someone posing as a Maharashtra police officer. The caller accused her of money laundering and threatened her with a warrant. Fearful of the consequences, the woman was forced to stay on a Skype video call with the fraudster throughout the night.

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Under immense pressure, the victim ultimately transferred Rs. 60 lakh to an account provided by the caller. However, soon after realizing it was a scam, she immediately contacted the TSCSB’s Cyber Crime Helpline in 1930.

The helpline staff wasted no time. They uploaded the transaction details to a specific portal (CFCFRMS) and alerted SBI Bank, where the stolen money was headed. This swift action resulted in a hold being placed on the entire Rs. 60 lakh within a single hour.

Authorities credited the successful recovery to the victim’s prompt reporting within the “golden hour” and the exceptional response by the helpline staff. The TSCSB Director, Shikha Goel, even commended and rewarded the team behind the 1930 call center, including SI G. Shirisha, constables T. Rehman, and B. Krishna, for their crucial role in saving the women’s money.

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