Several People Cheated in Investment Scam across Karimnagar, Peddapally, Asifabad, Siddipet
26 July 2024 11:15 AM GMT
Investment Scam Across Karimnagar, Peddapally, Asifabad, Siddipet.(Representational Image)
Hyderabad: Several people from Karimnagar, Peddapally, Asifabad, and Siddipet districts fell victim to a fraudulent investment scheme orchestrated through a mobile app. Chandrasekhar, the alleged mastermind, targeted individuals working in hotels and shops, convincing them to invest in gold, petroleum, and oil sectors through share marketing with the promise of doubling their profits.
The scheme was bolstered by Sandeep Tanden from Mumbai, who claimed to have made seven crore rupees, assuring potential investors that they could earn two lakh rupees for every lakh invested.
One victim recounted, "They told me about this scheme since April. Some people got convinced as they received money. We invested in the month of May. We invested Rs 30,000 before. It came at the rate of Rs 500 per day. As the money kept coming, I got convinced and invested Rs 3 lakh. Now the amount is gone."
The scam operated on a chain method where an initial investment of 10,000 rupees promised a daily commission of 1,200 rupees. Hundreds of people downloaded the app, and initial commissions were paid out to build trust. However, once the app gained significant investments, it ceased to function, revealing the scam.
Victims approached the Ramagundam Cyber Crime Police, seeking action to recover their lost money. "If they invest like a chain system, they hope to get a commission. I invested 2 lakhs. Up to 40, 50 people joined under me," said another victim.
Investments ranged from ten thousand to eight lakh rupees, with approximately ten crore rupees involved in total. The scheme, which began in May, attracted widespread enthusiasm until the app's sudden malfunction exposed the fraud. Desperate victims have lodged complaints with the Ramagundam Cyber Crime Police, hoping for justice and the return of their investments.
( Source : Deccan Chronicle )
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