Hyderabad:The Cyberabad cybercrimes police have arrested one Karampudi Rajesh, 35, for involvement in an investment fraud scheme. On September 23, a victim reported that two individuals claiming to represent a well-known securities firm contacted him and manipulated him to invest in stocks through what turned out to be a fraudulent mobile app.
He said he had transferred `19.9 lakh through online transfers to various accounts. When he asked for payment of profits, all communication ceased and the victim went to the police.
The cyercrimes police found that `3.69 lakh was sent to a suspect account at a bank, linked to an entity owned by Rajesh. On October 24, Rajesh was apprehended at Maripeda of Mahbubabad district, police said. Rajesh admitted to establishing the account specifically for fraudulent activities.
The account was purportedly used for digital marketing as a front for cyberfraud. He reportedly met with cybercrime experts who trained him on fraud techniques, including how to erase evidence. The police seized his cellphone used in the fraudulent activities.
