Hyderabad Man Arrested in ₹77.50 Lakh Investment Fraud Case

Hyderabad law enforcement has made an arrest in a significant financial fraud case that saw a local resident lose ₹77.50 lakh through a deceptive investment proposition.

The arrested individual is Chandan Singh, also known as Shamji and Lalaji, aged 54. Singh operates as a home appliances dealer based in Begum Bazar and hails originally from Rajasthan. Two co-conspirators—Pankaj Jain and Ajit Jayantilal Shah—remain fugitives. Authorities recovered a Samsung Z Fold 6 smartphone that was used in perpetrating the scheme.

How the Scam Unfolded

The victim, Mohammed Zakkeria Shaikh, filed a police complaint on April 14, 2026, detailing how he was enticed into what was presented as an electronics business opportunity with assurances of substantial returns. The perpetrators initially built credibility by returning his preliminary investments along with profits, a tactic designed to establish trust.

Following this calculated move, the accused prevailed upon Shaikh to commit a substantially larger sum, assuring repayment within a 48-hour window. The victim subsequently transferred ₹77.50 lakh to an account associated with Ajit Trading in Mumbai. The accused then vanished, offering various excuses to avoid honoring the promised repayment.

Investigation Developments

The investigation has uncovered potential connections to Hawala operations. Additionally, police documented threats allegedly made by the accused against the complainant.

Shaikh's case has revealed a common pattern in investment fraud schemes. The initial returns serve as bait to overcome the victim's hesitation before requesting the substantial investment that becomes the actual target.

Legal Action

The accused appeared in court on May 21, 2026, where the judge ordered his remand in judicial custody pending trial.

Police Guidance

Goshamahal Police have issued a public advisory cautioning residents about private investment schemes and trading ventures that promise unusually rapid profits. The department specifically warned that fraudsters typically employ the strategy of delivering modest gains initially to cultivate confidence before requesting significantly larger investments.

Citizens are encouraged to report suspected financial crimes or fraudulent activities to their local police station or through the emergency helpline Dial 100.

The operation was conducted under the direction of G. Chandra Mohan and K. Chandra Shekar Reddy.