Cybercrime: 4 Arrested for Rs 1.15 Cr Fraud, 4 on Run
Hyderabad: The city cybercrime police arrested four persons for cheating two residents of over Rs 1.15 crore, after promising them high returns on investment. Four others involved in the fraud are absconding.
In the first case, police arrested Gadila Sai Goud and Shilamkoti Sai Kumar of Sangareddy district for cheating a city resident of Rs 58,66,000 after promising advise to earn 10 times his investment on the stock market. The duo is facing 45 cases for cheating victims of Rs 13 crore, police said.
The complainant said the duo got in touch with him on a social media site, according to CCS DCP D. Kavitha. Lured by their promises, he began investing money. They also told him that they were involved in crypto exchange. He went to the police when the returns dried up.
Police said the duo was operating for two persons identified as Pinku and Sharath, who are at large, who had promised them commissions upon luring people to investment.
In another case, the Hyderabad cybercrime police apprehended Surendra and Naresh Babu, residents of Uppal, for cheating people by collecting investments after promising high returns, and assisting in other frauds.The arrests were based on a complaint from a victim in February. Police said New Delhi’s Raj Thakur and Nellore’s Jagadish and Dasineni Bharath, wanted in the case, were absconding.
According to the complaint, the accused added the victim into a WhatsApp group named after a major investment bank, sent him a link and asked him to begin investing. The victim at first received small returns based on which the gang kept asking him to keep increasing the investments till he paid out a total of Rs 57,37,356.
The police said Surendra and Naresh Babu were also providing a gang with multiple bank accounts to use in criminal activities, for a commission of 1.5 per cent for every transaction. They had supplied eight bank accounts and handled transactions of Rs 5 crore in three months.