Eight Investment Fraudsters Arrested In City

Hyderabad: The city cybercrime police arrested eight investment fraudsters on Monday, in two different cases, and seized cheque books, debit cards, shell company stamps and other items.
In the first case, police arrested Rajasthan’s Krishna Dhaka, an MBBS student, and Dr Manoj Kumar, and Delhi’s Ashutosh Raj and Munish Bansal. The medicos created current accounts in banks on fake KYC and allowed fraudsters in Dubai to use it, while Ashutosh and Munish, ex-bank employees, helped them generate the accounts.


The cybercrime officials arrested them based on a complaint received by a victim in Hyderabad, who was approached by the fraudsters on WhatsApp with investment advice.

The victim invested `1.08 crore. 
Hyderabad police commissioner Kothakota Sreenivasa Reddy said following investigation, they had identified 24 shell company bank accounts, through which `22.24 crore was siphoned off. He said that 171 cases are registered on the bank accounts, across the country, with 11 of the registered in Telangana state.
In another case, police arrested four investment fraudsters, Mangilal Godara, Bajan Godara, Kamlesh Kumar and Prakash Chand, all scrap dealers from Rahasthan residing in Kompally’s Suchitra.


They lured a Hyderabad victim to invest `3.45 lakh through a platform, and filched the money. Police said another victim complained with the cybercrime police that he was defrauded of `13.65 lakh.

Police said the gang created bank accounts with fake papers and sold them to Kamlesh Fulanwala who is currently absconding, for `1 lakh and a 10 per cent commission on each transaction. 
Sreenivasa Reddy said that 52 shell companies were registered on one bank account. Around `16 crore was defrauded. 
Police seized 25 cheque books, 24 debit cards, 12 mobile phones, six shell company stamps, one laptop and 141 grams of gold jewellery from the criminals.

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