Hyderabad: Cyber fraudsters have fled to Dubai after allegedly duping Rs 200 crore from people in old town of Hyderabad, officials said. It is learnt that the fraudsters, said to be from Bangalore had opened offices in Hyderabad and its suburbs under the name of 'Max Crypto Trading Company'. The fraudsters with the help of local leaders, advertised arbitrary schemes promising 30 times return in 150 days through online investment.
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As per sources, the fraudsters made the people believe that their headquarters are in Dubai, and they have partnerships with crypto firms internationally. Subsequently, hundreds of gullible traders, auto drivers, and women from middle-class families invested in the fraudulent company through some 'Max App'.
However, the fraudsters closed the offices only after 50 days and fled to Dubai. The victims, who realized that they had been duped, complained to the city CCS police. It is estimated that the losses are to the tune of Rs 200 crore. Police has launched a probe into the allegations.
