Hyderabad Cybercrime Police arrested a 29-year-old accused in a business opportunity scam on Friday. Arrested accused was identified as Paras Singla, resident of North West Delhi.

Police said the accused was involved in Business-to-Business (B2B) Import and Export Opportunity Scam where the fraudsters posed as legitimate facilitators for B2B projects and used a bogus company (ACES TRADING) to deceive the victim.

The victim was contacted by Lakshya Verma of Trade Fundamental Private Limited, New Delhi, who offered to facilitate B2B import and export of spirulina powder. Lakshya Verma introduced a purported Hong Kong-based company called Aces Trading, which was later found to be bogus. The fraudsters induced the victim to transfer over Rs 1.11 crore (Rs 1,11,33,501) under the pretext of various charges for a B2B project, promising a full refund upon order finalization. The victim realized the deception when Aces Trading was found to be non-existent and subsequent promises of refunds by the fraudsters were not honored.

Police seized 30 mobile phones, 3 SIM cards and 1 Debit card from the accused person.