Mangalore Resident Arrested for Duping Over 50 People in Crypto Scam

Hyderabad: The Cyberabad police have arrested Kunjathbail Mujib Sayyad, a resident of Mangalore, Karnataka, for duping over 50 individuals by promising high returns on investments in cryptocurrency trading. Sayyad operated under the pretext of an investment scheme called ‘Max Crypto Trading,’ collecting substantial sums of money from various persons in Shadnagar, Ranga Reddy district, and Hyderabad.

According to DCP (Economic Offences Wing), K Prasad, Sayyad lured investors by promising threefold returns on their investments within a short period of 150 days. Additionally, he offered a 2 percent commission for enrolling new customers and a 5 percent commission if an investor introduced two new customers to the scheme.

Believing these false promises, around 52 individuals invested a total of approximately Rs 1.66 crore in the scheme. However, Sayyad failed to deliver the promised returns and eventually disappeared with the money. Following multiple complaints, the Shadnagar police initially registered a case. The case was later transferred to the Economic Offences Wing of Cyberabad police, who successfully apprehended Sayyad.

The arrest highlights the importance of exercising caution when dealing with investment schemes, particularly those offering unusually high returns. Authorities urge the public to verify the legitimacy of such schemes and report any suspicious activities.