Hyderabad Police Arrest Six in IGNITE Money Circulation Racket

The Hyderabad Police Central Crime Station's Detective Department has busted a multi-state money circulation racket operating under the name 'IGNITE' and arrested six individuals, including company directors and recruiters. The crackdown, named "Operation Ignite Crackdown", began earlier this month after three Hyderabad residents filed complaints revealing they had been cheated out of nearly Rs 2 lakh.

The three victims reported losing amounts ranging between Rs 61,000 and Rs 64,000 each. They were lured into the investment and recruitment scheme through various methods, including WhatsApp messages, online presentations, and personal meetings.

According to the police, the arrested individuals include directors of the Indian company promoting IGNITE, directors of the firm used to collect payments, and field-level recruiters who approached potential investors. Investigators found that the group's Indian entity had been registered just days before the complaints were received.

Although the victims were approached in different ways, investigators discovered that all payments were routed to the same bank account. This account was linked to a company based in Kolkata.

Hyderabad Police Commissioner VC Sajjanar stated that IGNITE was following the exact same model used by earlier money circulation schemes that operated under the names GoldQuest, QuestNet, and QNet. He noted that only the name had changed, while the operational method remained the same.

While previous versions of the scheme managed to operate for years before police action, law enforcement authorities identified and cracked down on IGNITE within just 18 days of its launch in India.

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

The 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, and authorities are working to trace two key suspects believed to be operating from overseas.