Telangana: Investors lose ₹100 crore in Dubai-linked ponzi scheme
Nearly ₹100 crore was lost by some high net worth individuals in Telangana after falling for an investment scheme run by five locals from Khammam district.
The group promised 1% daily returns through a Dubai-based company they claimed was tied to the royal family, with supposed businesses in shipping and gold trading.
They accepted money in both rupees and USDT crypto, organizing luxury events and offering free trips to Dubai and Kerala to win trust.
Early investors got small payouts, making the scam look legit.
Accused still on run
By January 2025, payouts stopped and the organizers disappeared, leaving investors stranded.
A Hyderabad real estate businessman reported losing ₹5 crore, prompting a police case that's now being called one of Telangana's biggest financial frauds.
Police are following crypto trails and links to the Dubai firm while searching for the accused—who remain on the run—as victims say they've even faced threats when seeking answers.