How TGCSB busted Rajasthan-based fake online trading gang that cheated Hyderabad resident of Rs 8.14 Cr

Hyderabad: Telangana Cyber Security Bureau (TGSCB) has busted a fake online trading gang and arrested two men for cheating a man of Rs 8.14 crore in Hyderabad.

The accused were identified as Rahul Dangi (21) and Rahul Bhoi (25), both residents of Udaipur, Rajasthan. The duo has been brought to Hyderabad for further investigation. Three mobile phones were seized from the possession of the accused. TGCSB director Shikha Goel said that the accused Rahul Dangi operates a current account under the name of Shree Sanwariya Furniture.

He first lured the victim to transfer Rs 75,00,000 to this account. Later, the accused transferred the amount to 25 different bank accounts. This account is involved in 32 cyber crimes. Over three months, the victim was forced to transfer Rs. 8,14,48,000 to multiple accounts linked to the scam.

The other accused Rahul Bhoi is an agent. He gave five more bank accounts to his associate Rahul Dangi but only two were used in the crime. The bank accounts were involved in 20 crimes all over India. Information regarding the arrest is shared with all the concerned where crime links were reported, she said.

Brief facts of the case:

On October 21, the TGCSB received a complaint from a resident of Banjara Hills, Hyderabad. The victim said that he was induced to join a trading-related WhatsApp group and was later persuaded to invest in block trades and IPOs through a fraudulent application.

Over three months, he transferred Rs. 8,14,48,000 to accounts linked to the scam. The fraudsters manipulated the application to show fictitious profits and demanded additional payments under false pretexts. Upon realizing the fraud, he reported the matter to the Cybercrime helpline. Earlier, Shravan Kumar was arrested in Chittaurgarh, Rajasthan earlier. Now, two more have been arrested, the TGCSB director said.

Modus Operandi of the accused:

Fraudsters targeted victims through social media platforms like WhatsApp or Telegram, posing as representatives of reputed trading firms. They lure victims by sharing market trends, stock recommendations, and invitations to exclusive trading groups.

Once victims join, the fraudsters build trust by conducting online sessions to explain trading strategies and promote fake stock broking applications. They persuade victims to invest in high-yield schemes, such as IPOs and block trades, by promising guaranteed allotments through institutional investor routes, claiming exclusivity and high returns.

Victims are asked to transfer funds to designated accounts or through a fraudulent app that initially reflects successful transactions and significant profits to create a false sense of security. When victims attempt to withdraw funds, the app displays errors or imposes additional demands such as regulatory fees, inspection charges, or penalties for transaction irregularities.

These demands are designed to extract more money from the victims. Once the victims refuse or are unable to pay, the fraudsters sever communication, and the app becomes non-functional, leaving the victims with significant financial losses.

The arrested accused had opened a current bank account and handed over its credentials to others for misuse in exchange for a commission. Investigations

are ongoing to uncover the entire network involved in the fraudulent activities.

Appeal to Public:

The TGCSB urged the public to remain vigilant against online financial fraud.

Here are the guidelines to be followed by the public

* Avoid clicking on unsolicited links or joining unverified investment groups on social media platforms.

* Always verify the authenticity of trading platforms, stock broking applications, and investment schemes before transferring any funds.

* Be cautious of promises of guaranteed high returns or exclusive access to IPO allotments, as these are often red flags for

scams.

* If the public come across any suspicious activities or fall victim to online fraud, report immediately to the Cybercrime helpline at 1930 or file a complaint on the National Cyber Crime Reporting Portal.

* Timely reporting can help in quick action and recovery of funds.