A major investment scam worth nearly ₹100 crore has come to light in Telangana. It revolves around a crypto based scheme tied to what is claimed to be a Dubai based firm. A businessperson from Saidabad filed a complaint with the Hyderabad Central Crime Station revealing that he and several others were misled into investing by fraudsters operating out of Khammam.
What They Promised
- Investors were lured with promises of 1% daily returns.
- The scheme claimed to have backing from Dubai’s royal family and said it was involved in sectors like shipping, gold, and metals.
- To gain trust, promoters organized luxury events and provided initial smaller returns to early investors.
How the Fraud Worked
- The accused include people named Khaja Pasha, Nazeer Pasha, Naveen, Salma, and Vinod.
- Payments were accepted in various forms: Indian rupees (INR), US dollars, and USDT (a cryptocurrency).
- Marketing was done through motivational online meetings (Zoom) and high-profile gatherings in cities like Goa and Hyderabad.
When It Fell Apart
- Things went wrong when the payments to investors stopped in January 2025.
- After that, the accused became untraceable. Some investors even received threats when they tried to ask for their money.
Legal Action
- A criminal case has now been registered.
- The authorities are investigating to track down the accused, recover the funds, and map out how the operations were structured.
