Chinese Investment Scam: Hyderabad Police Commissioner C. V. Anand said that money changers licensed by the Reserve Bank of India (RBI) to deal in foreign exchange were involved in the scam.
The cyber crime cell of the city police busted the fraud during the investigation into a complaint by a citizen who was cheated after he invested Rs 1.6 lakh in an investment app called LOXAM.
A Chinese investment fraud to the tune of Rs 903 crore across India, China, Taiwan, Cambodia and UAE, has been busted by the Hyderabad police. Ten people including a Chinese and a Taiwanese national have been arrested.
Hyderabad police on Wednesday said that they had busted a Chinese investment fraud of Rs 903 crore and arrested 10 accused, including a Chinese national and a Taiwanese national.