Hyderabad Police Nab Suspects in Crypto Investment Scam Posing as Financial Advisors
Hyderabad police have arrested two individuals allegedly behind a fraudulent cryptocurrency investment scheme that duped a 53-year-old victim. The suspects, identified as Ravi Kumar Lal and Shivendra Ashok Singh, operated under the guise of 'Flames Alliance' and 'Munoth Capital Investment Limited,' posing as stock market experts on WhatsApp.
Investigators revealed the scam began with unsolicited messages promising exceptional returns. The victim was persuaded to invest between August 13-28 after being shown a manipulated platform. Lal allegedly facilitated fund movement through an accomplice in Pune using OTPs sent via APK files, while Singh supplied mule accounts for laundering stolen funds.
The Pune-based associate remains at large after fleeing upon learning of the arrests. Police emphasize the case highlights growing risks of social media-driven crypto scams in India's burgeoning digital asset space.
