The arrested have been identified as Ravi Kumar Lal, 38, a realtor and Shivendra Ashok Singh, 32, a businessman. They were involved in 12 cases all over India, out of which two cases pertained to Telangana. Lal assisted in operating a bank account by sharing OTPs with the absconding accused Viraj of Pune through an APK file. Singh opened mule bank accounts and supplied them to Lal.

The police said a 53-year-old victim from Hyderabad approached cybercrimes police station with a complaint stating that he was cheated by two fraudulent groups operating under fake company names in the guise of stock-market investment services.

The accused lured him to deposit Rs.12.30 lakh into various bank accounts between August 13 and 18, 2025 using a fake trading platform. After repeated demands for additional payments and threats of losing existing funds, the fraudsters confessed to the scam, removed him from their group, and blocked his contact.

Based on the complaint, the police booked a case and arrested the two persons. Four mobile phones and three cheque books were seized from them.