Hyderabad Couple Booked for Alleged Rs 1.58 Crore CARS24 Investment Fraud

The Central Crime Station (CCS) of the Hyderabad police has registered a case against a husband and wife for allegedly cheating several individuals of over Rs 1.58 crore through a fraudulent investment scheme. The accused have been identified as Wajid Ahmed Khan and his wife, Arthi Kumari.

The police action follows a complaint lodged by Rayees Ahmed, who was personally acquainted with Wajid Ahmed Khan. According to the police, the fraudulent activities began in November 2025, when Khan approached Ahmed with a business proposal.

During their meeting, Khan allegedly claimed that he was working with CARS24, a company engaged in the buying and selling of used cars. He told Ahmed that his position gave him a unique opportunity to purchase used cars from the company at significantly lower prices, which could then be resold at higher market rates for substantial profits.

Claiming that he lacked the necessary capital to execute the business on his own, Khan requested Ahmed to invest money with him. To persuade him, Khan allegedly assured Ahmed that the investment was entirely safe and promised him high returns on his capital.

Believing these assurances, Ahmed agreed to participate in the venture. He invested a total of Rs 58 lakh, which was transferred directly to the bank accounts of Wajid Ahmed Khan and Arthi Kumari on various dates.

According to the police, the scheme did not stop with Ahmed. Khan allegedly used the same representations and promises of high returns to persuade several of Ahmed's friends to invest their money in the business as well. The total amount collected by the couple from all the investors exceeded Rs 1.58 crore.

Following the discovery of the alleged fraud, Ahmed approached the Hyderabad police. The CCS has officially registered a case against both Wajid Ahmed Khan and Arthi Kumari, and an investigation into the matter is currently underway.