Two held in Hyderabad for cheating man of ₹62.26 lakh in investment fraud

The Cyber Crime Police has arrested two men in Hyderabad for allegedly cheating a 69-year-old retired resident of Tiruvanmiyur in Chennai of ₹62.26 lakh by posing as representatives of a UK-based investment firm.

According to police, the victim was contacted through WhatsApp by persons claiming to represent a private investment company named “Steadyedge Capital” based in the U.K. They allegedly promised high returns if he invested in the company. Believing them, the victim initially transferred ₹1 lakh on February 4, 2025.

The fraudsters subsequently sent him fake account statements showing that his investment was growing. Whenever he tried to withdraw the purported profits, they allegedly demanded advance payments to “release” the funds and instructed him to transfer money to different bank accounts.

Between February and October 2025, the victim made 21 transactions to 17 bank accounts and transferred a total of ₹62,26,737. The fraudsters later demanded an additional “security deposit” to release the money. They also continued contacting him through WhatsApp, enquiring about his health and allegedly attempting to keep him engaged in the scam.

Following a complaint lodged by the victim’s wife on the National Cyber Crime Reporting Portal (NCRP), the CCB Cyber Crime Police registered a case and launched an investigation.

Analysis of the money trail revealed more than ₹14 lakh of the victim’s money had been credited to bank accounts belonging to Mohammed Tariq Ali, 50, of Toot Chowki, Hyderabad, Telangana, and his friend Manish Kumar, 45. The money was transferred to other accounts on the same day or withdrawn using ATM cards.

Police said they found ₹1.48 crore had been credited to Tariq Ali’s account within three months, while ₹63.72 lakh had passed through Kumar’s account in just three weeks. The funds were allegedly sourced from several cyber fraud victims across the country and immediately moved to other bank accounts.

Cyber fraud complaints linked to the accounts had also been registered in Andhra Pradesh, Karnataka, Tamil Nadu, Haryana and Uttar Pradesh.

Police said they found that Tariq Ali allegedly operated under the guise of Bitcoin/cryptocurrency trading. He received proceeds of fraud into his bank accounts, converted the money into cryptocurrency through the Binance App and transferred it to the fraudsters, allegedly earning around 20% commission.

After his bank account was frozen following fraud complaints, he allegedly got bank accounts opened in Kumar’s name by promising him a commission. Tariq then retained control of the accounts and continued routing the proceeds of cyber fraud through them, police said.

A special team led by an inspector of the CCB Cyber Crime Police Station went to Hyderabad and, with the assistance of the local police, arrested Tariq Ali and Manish Kumar on October 1. Two mobile phones and three SIM cards allegedly used for the fraud were seized.

The duo was brought to Chennai and remanded in judicial custody. Police said efforts were under way to trace and arrest other key persons involved in the fraud.