Syndicate impersonating Morgan Stanley busted by Cyberabad police

Arrest made after software engineer loses over Rs 52.31 lakh in fraudulent cryptocurrency investment scheme; associates in Haryana remain at large.

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HYDERABAD: Cyberabad police busted a transnational cybercrime syndicate impersonating Morgan Stanley and operating through Telegram and WhatsApp.

According to the police, a case was registered in August 2024 following a complaint from a 47-year-old software engineer who reportedly lost over Rs 52.31 lakh in a fraudulent cryptocurrency investment scheme.

The police have arrested 22-year-old, Pathi Manikanta, who was reportedly in contact with crypto traders/agents and Chinese nationals. Officials also revealed that his associates from Haryana are currently absconding.

Additionally, UDYAM registration certificates were recovered from the accused’s phone, which are suspected to have been used for opening mule bank accounts.