According to CV Anand, the commissioner of police for Hyderabad City, a Chinese investment scam was exposed by the Hyderabad Cyber Crime Police, who stole 903 crores from Indians under the guise of investments. The alleged MO is transferring funds using agents who are authorised by the RBI to accept foreign currencies.
Before laundering money to China, they are exchanging millions of Indian rupees for USD. Lec Li Zhongjun, a Chinese national, Chu Chun-yu, a Taiwanese national, and eight other people were detained in the case. The accused have so far used apps to steal 903 crores from the public under the guise of investments. They also exchanged Indian currency for dollars and sent the money to China via Cambodia.
He said, “These accused are developing Google apps and robbing the public under the guise of investment.” Chu Chun-yu is running the enterprise with the aid of local Indians, and he is the brains behind the whole thing. Navneet Kaushik began converting money from rupees to dollars with the aid of the Ranjan firm, which is permitted by the RBI to carry out currency exchanges.
He continued, “The accused used fictitious KYC accounts and virtual accounts to transfer the money from one account to another, which may explain why the scam escaped the attention of the ED, DRI, banks, and other agencies.” When a resident of Hyderabad city complained that his 1.61 lakh had been stolen after he made an online investment in an app, our inquiry into the matter got under way.
Lec Li Zhongjun, a Chinese national, has been taken into custody from the Mumbai prison facility.
This investigation will be further coordinated with DRI, ED, and other national agencies because it appears to be a significant scam. AMCs conducted trades totaling 903 crores while breaking RBI MCA regulations and not following any norms. AMCs failed to keep any registers despite being required by RBI rules to do so by seven registers.
The KYC standards were broken. The FEMA and PMLA are both broken by this. Drugs, terrorism, and anti-national actions can all be funded with this money.