Cyberabad cops bust online investment racket worth Rs 7 Cr, arrest 4
The sleuths of the Cyberabad cyber crime police station busted an online investment racket and arrested four persons on 30 November. The gang had duped 2,500 people to the tune of more than Rs. 7 crores.
By Newsmeter Network Published on 30 Nov 2020 11:00 AM GMT
Hyderabad: The sleuths of the Cyberabad cyber crime police station busted an online investment racket and arrested four persons on 30 November. The gang had duped 2,500 people to the tune of more than Rs. 7 crores.
The four were running the racket under the name of Stemcor Max Hedge and had developed a website and a mobile app. The police seized four cellphones, one laptop, a SIM card, two four-wheelers, and land documents for 387 yards worth Rs. 58 lakhs.
On 1 October, the police received a complaint from an assistant engineer of TSSPDCL. According to the complainant, he invested Rs. 1,60,000 in Stemcor Max Hedge after he was told that the company will pay five per cent as a commission on his investment every day up to 60 working days. If he brought in any new customer, then he would get 10 per cent commission on his investment, the firm told him. The conversation took place through email.
However, the complainant received only Rs. 15,320 as commission. When he tried to contact them through the website, the mobile app, and WhatsApp, they did not respond. He filed a police complaint thereafter.
The four accused have been identified as Nanda Kishore, Chittam Reddy Anand, Bhumireddy Avinash, and Tulluri Srinivas Rao. All are from Visakhapatnam.
According to the police, the four started Stemcor Max Hedge and registered a company in the name of Rayees Shoppy Pvt. Ltd in ROC, Vishakapatnam. To lure customers, they provided fake UK numbers (+44-1474770338, +44-13222522443). The firm's address also showed that it was a UK firm located in London. The company was started in July 2020 and ran for two months till September.
The Cyberabad police issued an advisory on Monday warning people against downloading dubious apps and providing personal and bank details. "Before investing check the antecedents of the company. Don't believe in online marketing, trading, multi-level marketing, and chain system business," it further said.
