HYDERABAD: Chinese fraudsters, infamous for their loan apps, are back in business. They have now floated investment apps through their former employees and duped people.

Over 80 investment fraud cases have been registered in the past few months in Hyderabad alone. Police arrested two Indians last week who were working for the Chinese racketeers based abroad.

The latest modus operandi is to send bulk SMSes to people offering part-time work-from-home opportunities with an MNC with an assured daily earning of between Rs 1,000 and Rs 3,000, Cyberabad ACP K Balakrishna Reddy said.

"A click on the link in the SMS leads the victim to get in touch with the fraudsters, who will ask them to register on a website or an app through Telegram . Then, the victim is asked to pay a small amount, which will double within one or two days. Once the victim invests a bigger amount, the fraudsters stop payment," Hyderabad ACP KVM Prasad said.

From the 50 complaints received, police tracked down two bank account holders from Hyderabad – A Srinivasa Rao (45), an accountant, and N Vijaya Krishna (37). Police said Rao told them he had worked at a private company operated by two Chinese whom he knew as Michel and Jollie. "He claims they shut the business in January and left," police said.

"Like in loan app cases, the investment sites and apps have similar interfaces. So the Chinese fraudsters, whose original names we are yet to identify, are behind this fraud," police said.