Hyderabad: Scores of investors staged a protest against a Dubai-based company (Max Crypto Trading Company) for alleged online trading fraud of Rs 500 crores.
Aggressive investors had gathered at the Mailardevpally area to highlight the fraud by registering their protest. They sought justice and action against the fraudsters for reportedly duping thousands of people in Hyderabad.
They raised slogans against the company and its promoters and demanded their money back. The victims requested the Government of Telangana and DGP to initiate actions against the company and those involved in the fraud.
“I was lured by one Kunjathbail Mujib Sayyad Mohammed, administrator of the Max Crypto Trading Company (Dubai-Based) to invest money and get it back in 50 days and enjoy the benefits by 100 days. The members used to get payment confirmation through emails on the investment. Along with me, around 3-4 hundred people have invested in lakhs, but lost at large,’’ clarified one of the members, Khaled Hussain.
The company had introduced a beguiling offer ‘Invest and Earn Three Types of Income” including Binary Investment, Return on Investment (ROI), Referral Income, and Binary Matching. That led people to invest unmindfully and blindly trust Max Crypto Trading Company deposited lakhs or rupees.
“The Investors, however, were paid ROIs in the form of USDTs for a few weeks. Afterward, the company came up with a concept to launch MCC coins and the investors were asked to purchase them. Many of them agreed and purchased the coins, as they were hoping to see good benefits and a chance to become rich in a span of time. But in return, they got exactly the opposite of it, as the withdrawal process was suspended for a couple of weeks citing technical issues and upgrading the system,’’ said other investors, Shaik Shakeer Ali, Ahmed.
They requested State and Central Governments to intervene in the matter and help out the victims.
“We have come here to protest and seek our least invested money back. Due to this, we are suffering a lot and incurring debts. The key accused Kunjathbail Mujib Sayyad Mohammed, administrator basically is from Mangalore, but he is still in Dubai with the support of Shaiks (Arabs). We sincerely request the Government of Telangana and the Government of India to bring the main accused to India to justify with the victims,’’ said, Mastanwali, another investor.