How gullible investors were swindled by the Chinese in Rs 712 crore fraud newkerala.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newkerala.com Daily Mail and Mail on Sunday newspapers.
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.
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.