Hyderabad: The Cyber Crime Police of Hyderabad’s Detective Department has arrested three individuals for allegedly defrauding a victim of ₹44,04,753 in a fake investment scam. The trio posed as trading advisors from “Aveshta Study Group‑W” and lured the victim with promises of high returns.
Police named the arrested suspects as:
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Milind Manohar Narkar (34), Mumbai-based private employee
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Ranak Jagadish Patel (31), Bhiwandi businessman
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Salik Imtiyaz Ahmed Siddiqui (25), resident of Santosh Nagar, Mumbai
They orchestrated a scheme to pose as legitimate trading advisors. After persuading the victim to transfer funds, the defendants demanded a 20% “service charge” on alleged profits before releasing funds. Ultimately, the entire ₹44 lakh amount was siphoned off.
Investigations revealed Milind Manohar Narkar facilitated conversions of stolen funds into cryptocurrency. He allegedly served as the account operator, arranging accommodation for account holders in Mumbai and coordinating cryptocurrency exchange across seven Indian states. The trio reportedly worked under a cyber fraudster based in Dubai, handling accounts on a commission basis.
Inspector B. Srinivas led the investigation team, supported by SI B. Pranitha and PCs B. Ravi Sankar, N. Bhaskar, G. Venkatesh, K. Sagar, N. Vinay Kumar, P. Pranitha, and A. Pavani. The probe was overseen by ACP Shiva Maruthi and ACP V. Jaipal Reddy of Cyber Crime PS, Hyderabad.
