The Hyderabad cybercrime police busted a transnational gang and arrested 10 persons, including two Chinese nationals, for their alleged involvement in a big investment fraud spread across the country, an official said on Wednesday.

The amount of the investment fraud went over Rs 903 crore.

Hyderabad police commissioner CV Anand informed that the investment fraud had connections with foreign countries which included Cambodia, Dubai and China.

"The Hyderabad cybercrime police arrested 10 people, including two Chinese nationals, for their alleged involvement in a big investment fraud running into nearly Rs 903 crores spread across the country," Anand said.

The police also conducted raids on the call centres, which were operational from the national capital and other places in the country.

"The Cybercrime police conducted raids on a few call centres operated from Delhi and other places and managed to break the network of fake investment companies that have been duping investors through mobile applications, using bank accounts of people by paying them commissions," Anand said.

Taking to Twitter, Anand said, "In a significant breakthrough, the cybercrime wing of HCP busted a transnational gang involved in Rs 903 crore investment fraud who has connections in Cambodia, Dubai and China. Perpetrators lured gullible investors through fake investment apps and laundered money."

He further said that the arrested persons were the authorised money changers and they "exploited" all the norms.

"Being the authorised money changers, these accused took advantage and exploited all the norms. Arrested 10 persons, including two Chinese nationals. This type of fraud has ramifications across the country and can have devastating effects on our economy," he tweeted.

"A harmonized approach and coordination among law enforcement agencies, financial institutions, administrators and regulators can help combat this menace threatening national security and economy," Anand added in his tweet.

(With inputs from ANI)