ED Searches Hyderabad Premises in Alleged Stock Market Fraud Probe
1 report, 1 independent
Updated Fri 00:00
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What happened
The Enforcement Directorate (ED) conducted searches at three locations in Hyderabad under the Prevention of Money Laundering Act (PMLA), 2002. The probe began after an FIR was registered at Erramanzil cyber police station. Alamraju Satyanarayana Murthy is alleged to have defrauded victims by promising high returns through stock market trading via the website www.capitalx.com.
From deccanchronicle.com
Why it matters
The investigation involves the fraudulent collection of over ₹26 crore between May 2023 and May 2024. The case highlights the use of online platforms and multiple 'mule' accounts to conceal the source of illegally obtained funds.
From deccanchronicle.com
Who's involved
- HyderabadLocation where the ED conducted searches and the alleged fraud took place
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The entities involved
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Hyderabad
capital of Telangana, India