Hyderabad Cybercrime police arrested three men from Maharashtra for defrauding a local resident of Rs 44 lakh in a fake investment scam. The accused posed as trading advisors and routed funds through multiple accounts, with international links traced to Dubai
Published Date – 29 July 2025, 04:32 PM
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Hyderabad: The Hyderabad Cybercrime team has arrested three individuals involved in a sophisticated investment scam that duped a Hyderabad resident of over Rs 44 lakh.
The accused allegedly posed as trading advisors from a fake firm and promised high returns on investments through forged digital documents.
The arrested suspects are Milind Manohar Narkar (34), a private employee, Ranak Jagadish Patel (31), a businessman and Salik Imtiyaz Ahmed Siddiqui (25), a private employee, all from Maharashtra.
According to the police, the complainant was lured into the trap in June 2025 when the fraudsters contacted him, masquerading as representatives of a reputed trading company. They convinced him to invest money with the promise of large profits.
As part of the scam, the victim was told he would need to pay a 20 per cent service charge upfront to withdraw his earnings, which eventually led to a loss of Rs 44 lakh.
The probe further revealed that Milind Narkar was working in close coordination with a cyber fraudster based in Dubai. “He had facilitated the conversion of stolen funds into cryptocurrency, provided access to fraudulent bank accounts, and arranged accommodations for account holders in hotels across Mumbai. His operations spanned seven Indian states,” said a cybercrime official.
All three suspects were acting on commission and were instrumental in enabling the flow of money through various accounts.
Based on the victim’s complaint, the Cybercrime police booked a case and nabbed the trio. Efforts are on to nab those absconding.
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