Two Arrested in Hyderabad for Defrauding Chennai Senior Citizen of ₹62.26 Lakh

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Two individuals have been detained in Hyderabad in connection with a financial fraud scheme that allegedly swindled a 69-year-old Chennai resident out of ₹62.26 lakh through a deceptive investment operation.

Overview of the Case

Victim and Scam Details

The cybercrime unit of the Greater Chennai Police reported the arrests following an investigation into the case, which involved a purported UK-based financial entity. The victim was approached by individuals claiming to represent Steadyedge Capital, a firm falsely presented as a legitimate investment organization. They allegedly enticed the elderly man with promises of substantial returns, leading him to transfer an initial sum of ₹1 lakh on February 4, 2025.

Financial Transactions

Subsequent interactions involved the provision of falsified account statements purporting to show growing returns, which were used to justify further financial commitments. The victim made 21 transactions totaling ₹62.26 lakh between February and October 2025, with funds directed to 17 bank accounts as instructed by the perpetrators.

Investigation Details

Cybercrime Unit’s Role

During the probe, law enforcement identified that over ₹14 lakh of the illicit proceeds had been funneled into accounts linked to Mohammed Tariq Ali, 50, and Manish Kumar, 45, residents of Hyderabad’s Doodh Bowli area. Tariq Ali’s account reportedly received ₹1.48 crore over three months, while Kumar’s account accumulated ₹63.72 lakh within three weeks.

Tracing the Financial Flow

These transactions were traced to multiple victims across India, suggesting the accounts were part of a broader network facilitating cyber fraud. Investigators uncovered that Tariq Ali allegedly converted funds into cryptocurrency via Binance, transferring the assets to members of the fraud syndicate while retaining a 20% commission.

Financial Trail and Cyber Fraud Tactics

Funds Conversion to Cryptocurrency

This method of transferring illicit gains was aimed at obscuring the financial trail and enabling further distribution of the stolen money. The police also noted that Tariq Ali allegedly established bank accounts under Kumar’s name after his own account was frozen, indicating an attempt to sustain the fraudulent operations.

Account Manipulation

The investigation is ongoing to determine the full scope of the network, the number of affected victims, and potential links to additional accounts or transactions. A specialized team from the Greater Chennai Police traveled to Hyderabad to execute the arrests, which were carried out last week.

Public Warnings and Ongoing Investigation

Law Enforcement Warnings

Authorities are now examining the suspects’ financial records and digital activities to map the flow of funds and identify any accomplices. The case underscores the tactics employed by fraudsters to exploit trust in foreign financial institutions and manipulate victims through fabricated documentation.

Current Status of the Case

The repeated requests for additional payments to release supposed profits are a hallmark of such schemes. Law enforcement has reiterated warnings for the public to verify the legitimacy of investment entities and their regulatory compliance before engaging in financial transactions, especially when initiated through digital communication channels.

Individuals are advised to exercise caution with offers of guaranteed high returns and to avoid remitting funds for purported withdrawal fees on unverified platforms. The investigation remains active, with the legal proceedings against the arrested individuals pending further judicial review. Authorities continue to monitor related financial activities to uncover any additional participants in the fraud operation.