The Hyderabad Cybercrime police have arrested two individuals from Pune, Maharashtra, for their alleged role in a large-scale investment fraud network spanning 27 cases across India, including one in Telangana.
The accused have been identified as Reynold Vincent Cyril, a tech professional, and Manish Dinesh Sonawane. Police say the duo acted as suppliers of bank accounts used by cybercriminals to route fraudulent transactions.
According to officials, the arrests were made in connection with a case where a 40-year-old Hyderabad resident was duped after being lured into a fake stock investment scheme via social media.
The victim, persuaded by promises of high returns, deposited a significant amount of money into the fraudulent platform. While his account initially reflected profits, the withdrawal feature was disabled, and he was later asked to pay additional charges for taxes and currency conversion. In total, he lost Rs 17.3 lakh.
Authorities are continuing investigations to uncover the broader network involved in similar cyber scams.
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