Cyberabad police bust Max Crypto Trading scam in Hyderabad

HYDERABAD: The Economic Offences Wing (EOW) of Cyberabad Commissionerate has busted a case involving online investment fraud and arrested Kunjathbail Mujib Sayyad for his role in the scam.

The case (Crime No. 759/2022) was registered at Shadnagar police station under sections 420, 406, 120-B of the IPC, and Section 5 of TSPDFEA-1999. It was later transferred to the Economic Offences Wing for further investigation.

Kunjathbail Mujib Sayyad, a resident of Mangalore, Karnataka, was identified as the main accused. The investigation commenced after Shaik Ahmed, a resident of Farooqnagar village and Mandal, Rangareddy district, Telangana, filed a complaint.

Sayyad, along with his associates, operated a fraudulent online investment scheme named 'Max Crypto Trading', targeting innocent residents of Shadnagar and Hyderabad. They promised investors threefold returns within a short period of 150 days and offered commissions for enrolling new customers (2% for one, 5% for two).

Believing these promises, the complainant and 51 others from Shadnagar and Hyderabad deposited funds into the scam at various times. Initially, the returns were paid as promised to build trust. However, once they amassed Rs. 1.66 crores from 52 victims, the accused abruptly closed their website and Android application. When the victims tried to contact the organisers, they received no response, and local organizers went into hiding.

Public Advisory

Beware of such scams where initial returns are paid to attract more depositors, only for the organizers to disappear later with the collected money, leaving the latest investors cheated.

The case is currently under investigation by Inspector B. Narahari of the Economic Offences Wing police station, Cyberabad, under the supervision of Deputy Commissioner of Police K. Prasad, EOW, Cyberabad