Transnational crypto scam fraudsters impersonating Morgan Stanley busted by Cyberabad police
The Hindu
Cyberabad police bust transnational cybercrime syndicate impersonating Morgan Stanley, cautioning citizens against fraudulent cryptocurrency schemes on Telegram and WhatsApp which promise unrealistic returns
A transnational cybercrime syndicate operating through Telegram and WhatsApp was busted by the Cybercrime unit of the Cyberabad police, in which fraudsters impersonated Morgan Stanley.
The case was registered in August 2024 following a complaint by a 47-year-old software engineer who was lured into the scam through UK-based WhatsApp numbers promising 20% daily return on investment. Trusting the lucrative offer, he invested in the fraudulent crypto scheme over a period of one month.
Eventually, he realised he had been deceived, losing a sum of 55,066 USDT, a stable virtual digital asset valued at approximately ₹52.31 lakh.
The police arrested Pathi Manikanta, a 22-year-old from Y.S.R Kadapa district, Andhra Pradesh. He was identified as a crypto and mule account trader with direct connections to cryptocurrency agents and Chinese nationals. Meanwhile, his accomplices from Haryana remain at large, with efforts underway to secure their arrest.
The investigation revealed that the criminal syndicate deployed sophisticated layering techniques to launder the illicit proceeds across multiple cryptocurrency platforms, including Binance, KuCoin and Trust Wallet. Manikanta was allegedly found to be in constant communication with other Chinese criminal groups via Telegram, facilitating the purchase and supply of mule bank accounts on a commission basis.
During the investigation, the police also recovered UDHYAM Registration certificates from his phone, which are suspected to have been used for opening mule accounts in various banks.
Due to the transnational nature of the crime and the complexity of blockchain-based financial transactions, a dedicated team comprising tech-savvy police personnel and cryptocurrency experts was formed to trace the digital money trail. Technical evidence and interrogations have uncovered links to China, Hong Kong and the United Kingdom, exposing the vast international reach of the criminal network.
A bus truck-collision in Andhra Pradesh's Markapuram district, killing several. Catch LIVE updates here!
Residents of Thiruporur constituency face civic challenges amid rapid urbanization, impacting resources, infrastructure, and local livelihoods.
NTK chief Seeman criticizes competitive populism and freebies at a rally, warning against northern influence in Tamil Nadu politics.
A 32-year-old man is arrested for abusive social media posts and mid-air misconduct involving Bengaluru police and Indigo Airlines.
A tragic bus-truck collision in Markapuram kills 10-12 and injures over 20, prompting a state investigation and condolences from the Chief Minister.
Telangana sets up control rooms after a deadly bus fire in Markapuram, aiding victims' families from Andhra Pradesh.
Microplastics, especially nylon fibres, are present in Chennai’s beach sediments in relatively low abundance, but low overall microplastic abundance does not necessarily imply low ecological risk. Even small particles can cause long-term ecological damage by affecting marine life, moving up the food chain, and eventually impacting human health through contaminated seafood.
Fuel outlets in Hyderabad remain crowded for the third day, as LPG auto drivers face ongoing shortages despite government assurances.
Assembly polls 2026: Follow updates from The Hindu on the upcoming elections in five States on March 26, 2026
40% of West Bengal's voters under adjudication have been deleted, sparking concerns and protests ahead of upcoming elections.
Trump claims Iran is afraid to negotiate a deal amid ongoing conflict, despite Tehran's denial of participation in talks.
Government mandates LPG supply cut-off for households not switching to available piped natural gas (PNG) within three months.
Congress faces eviction from its historic 24 Akbar Road office as it considers legal options against the Centre's final notice.