Multi-State Fraud Network In Hyderabad Busted, 6 Arrested

Hyderabad Police have busted a large money circulation racket operating under the name "IGNITE", which investigators say is a new version of the banned QNet network and arrested six accused.

The operation began after three Hyderabad residents approached police earlier this month, claiming they had been cheated through an investment and recruitment scheme. The victims reportedly lost nearly Rs 2 lakh after paying amounts ranging from Rs 61,000 to Rs 64,000. The victims were contacted through different methods, including WhatsApp messages, online presentations and personal meetings.

After receiving the complaint, the Central Crime Station's Detective Department launched a special investigation, named "Operation Ignite Crackdown", and traced the network across multiple states. Police say the group's Indian entity had been registered only days before complaints were received.

Investigators found that though the approaches were different, investigators found that all payments were routed to the same bank account linked to a Kolkata-based company.

''IGNITE was following the same model used by earlier money circulation schemes that operated under the names GoldQuest, QuestNet and QNet. Only the name has changed. The method remains the same," Hyderabad Police Commissioner VC Sajjanar said.

Investigators allege that money collected from victims was moved through a network of companies and accounts before being transferred abroad. They are examining international links and financial transactions connected to the operation.

The top city cop also revelled that while previous versions of the scheme managed to operate for years before police action, this time L&O authorities identified and cracked down on IGNITE within just 18 days of its launch in India.

Among those arrested are directors of the Indian company allegedly promoting IGNITE, directors of the firm used to collect payments, and field-level recruiters who approached potential investors.

Police have warned the public to stay away from schemes that promise earnings mainly through enrolling new members rather than selling genuine products or services.

Further arrests are expected as the investigation continues. Authorities are also working to trace two key suspects believed to be operating from overseas.