In a major crackdown on financial fraud, the Hyderabad City Police have arrested a key accused linked to an illegal money circulation racket operating in the city.
Accused Arrested
The Mirchowk Police apprehended Harish Kumar Singla (61), a resident of Gurugram and a senior executive associated with a private company, in connection with a case registered at Mirchowk Police Station.
The case has been filed under multiple laws, including provisions of the Bharatiya Nyaya Sanhita (BNS), IT Act, Telangana Protection of Depositors Act and the Prize Chits and Money Circulation Schemes (Banning) Act.
How the Fraud Worked
According to police, the accused was involved in an illegal digital marketing and money circulation scheme that targeted the public with promises of quick and easy income.
- Victims were encouraged to join through paid registrations
- The model focused on recruiting new members rather than selling products
- Special schemes like ST, MT and FT structures were used to attract people
Police said the scheme mainly targeted youth and housewives, misleading them with false earning opportunities.
Investigation Findings
- The accused conducted online and offline training sessions
- Three related FIRs were registered in Mirchowk, Rein Bazar, and Madannapet police stations
- Earlier, three local agents connected to the case had already been arrested
During the operation, police seized electronic devices, important documents and a vehicle linked to the case. Authorities also froze bank accounts worth around ₹3 crore connected to the accused.
Ongoing Probe
Police are continuing efforts to track down other absconding suspects. The operation was carried out under the supervision of senior officers, and further investigation is in progress.
Public Advisory
Police have warned citizens to stay alert against schemes that promise guaranteed or fast returns, especially those based on recruitment models. Such operations are often illegal and can lead to financial losses. People are advised to report any suspicious activity to the nearest police station.
Conclusion
This case highlights the growing risk of online financial scams. Authorities are tightening action against such rackets and urging the public to stay cautious.
