The Central Crime Station (CCS) of Hyderabad has filed a cheating case against a husband and wife for duping several investors of over ₹1.58 crore for investment in a fake used car project through an investment scheme in India. They are Wajid Ahmed Khan and his wife Arthi Kumari.
According to police, the case was registered after a complaint was filed by Rayees Ahmed, who said that after he was persuaded to invest a large amount of money where he was promised high returns on the purchase and sale of used cars by a firm that promised high returns through buying and selling them at a profit.
According to the complaint, Wajid Ahmed Khan, who was personally acquainted with Rayees Ahmed, approached him in November 2025 saying that he was associated with CARS24 for purchasing and selling pre-owned vehicles. The complainant said he had access to used cars at discounted prices and could make substantial profit by selling them at higher rates.
Khan said that the business opportunity was genuine, but he did not have the money to make the necessary payments, so he asked Ahmed to invest money and assured him that it was safe to invest and that the investment would yield good returns in a very short time.
Rayees Ahmed, trusting the representations, transferred ₹58 lakh to the bank accounts of Wajid Ahmed Khan and Arthi Kumari on different occasions.
The police investigation found that the accused employed the same strategy to get several of Ahmed’s friends and neighbors to invest in the purported used car business. With the idea of a low-risk, high-return investment linked to a well-known car platform, the couple was able to attract many investors.
The amount collected from all the victims exceeds ₹1.58 crore, the investigators said.
When the promised returns failed to materialize and investors could not recover their money, suspicions grew, prompting the complainant to approach the Hyderabad Police. Based on the complaint and preliminary investigation, the CCS filed a criminal case against the couple.
Police are investigating whether the accused actually were connected to CARS24 or whether the name was used as a way to give credibility to the investment scheme, as well as the financial trail to identify how the collected funds were used and whether other victims might have been harmed.
People should take great care in investing in schemes promising unusually high returns, the government has advised. Financial experts suggest that investors verify business claims on their own, not transfer money to a company based solely on personal relationships, and keep records of their transfers in mind before making investments.
The investigation is ongoing, and further legal action will depend on the outcome of the investigations by the Hyderabad Police.
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