HYDERABAD: An alleged city-based fraudster convinced the victim that trading in the stock market through a website would fetch him substantial profits. Believing this to be genuine, the victim transferred more than ₹24 crore in several instalments to various bank accounts specified by the alleged fraudster. Neither the promised profits nor the capital was returned, prompting the victim to approach the cyber police.
The Enforcement Directorate (ED), Kochi Zonal Office, conducted searches at three locations in Hyderabad under the Prevention of Money Laundering Act (PMLA), 2002. In a press release, the ED said the raids were carried out at premises linked to Alamraju Satyanarayana Murthy, who allegedly committed fraud under the guise of trading.
The ED initiated its probe based on an FIR registered at Erramanzil cyber police station. According to the FIR, complainant Nimesh stated he was defrauded by Murthy, who promised high returns through phone calls and social messaging app messages, directing him to trade via the website www.capitalx.com.
The accused had a total of ₹24,76,21,042 transferred from the victim into various accounts in instalments, failing to return even the principal. Between May 23, 2023, and May 27, 2024, a total of ₹26,02,89,261.57 was fraudulently collected. To conceal the source, funds were routed through multiple ‘mule’ accounts. Investigators found Murthy had floated business entities in the names of family members and employees to launder the money.
He launched a villa project in Hyderabad under ‘Aasritha Infra Projects’ and ‘Aasritha Infra Projects Pvt. Ltd.’, besides entities including BTR Industries, Velugu Trading Company and Aasritha Mega Solutions Pvt. Ltd. The ED identified several immovable properties purchased with proceeds of crime.
During the searches, officials seized key documents and digital evidence. Cash amounting to ₹6.40 lakh was recovered. Bank balances of about ₹14 lakh across 11 accounts linked to the accused were frozen. Immovable assets, including plots and a villa worth around ₹5 crore, were identified. Further investigation is underway.
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: deccanchronicle.com
