Telangana Cyber Security Bureau Arrests Brothers in Online Investment Scam

Hyderabad: Telangana Cyber Security Bureau (TGCSB) arrested brothers Rampilla Kondal Rao and Chandrasekhar Azad, directors of Ricky Software Tech Pvt Ltd of Vijayawada, for involvement in an alleged Rs.5.4-crore online investment scam.

The victim had transferred Rs.3.47 crore into a current account operated by the suspects at a bank. It was discovered that 26 similar complaints were lodged against these bank accounts across India.

According to TGCSB, a man from RTC crossroads in Hyderabad received a group chat invitation on WhatsApp promising investment in the initial public officering (IPO) of a global investment banking company. He was asked for his Aadhaar and PAN card details and directed to a website which was claimed to belong to the company.

On seeing the contents on the website, the victim initially invested Rs.30,000. Encouraged by apparent profits and further messages from group members, he continued investing, eventually reaching a total of Rs.5.40 crore.

The website showed significant profits, amounting to Rs.15,57,97,823. However, when he attempted to withdraw his funds, the transaction was approved but never processed. The scammers then demanded additional investments to facilitate the withdrawal, after which the complainant realised he had been duped.

TGCSB officials warned the public to be cautious of fraudulent schemes and to verify the authenticity of trading platforms and investment opportunities.