Hyderabad: 2 held for duping Rs 58 lakhs with fake stock market tips

Hyderabad: The Cyber Crime Police arrested two persons for cheating the public on the pretext of giving tips on how to profit from the stock market and cryptocurrency through targeted investments. They cheated a person of Rs 58.66 lakhs as per one of their victims who brought their alleged crimes to light.

The arrested have been identified as Gadila Sai Goud and Shilamkoti Sai Kumar, both residents of Sangareddy.

Case details

As per case data, a resident of Balkampet, Hyderabad, filed a complaint stating that unidentified persons contacted him through Instagram and Telegram claiming to provide tips on investing in the stock market.

They promised huge profits in the name of Sequoia Capital Business School and made the person transfer Rs 58,66,000 to the bank accounts provided by them.

Modus Operandi

Sai Goud and Sai Kumar would collude with other cyber fraudsters and cheat people by claiming to help them make money off Binance, the cryptocurrency exchange.

The two would pay Pinku, Sharath and others 5 per cent of the commission to do trading in Binance and keep the rest of the profits. Similarly, all the accused committed fraud of about Rs 13 crores over the years, for which as many as 45 cases were registered across India, of which three cases were in Telangana State.

The Cyber Crime Police in Hyderabad registered a case under sections 66(C), (D) of the IT Act and sections 419 and 420 of the IPC. Further investigation is on.

Public advisory

The public is cautioned not to believe any fraudulent online crypto exchange/trading websites which are not registered with the SEBI. Do not invest in unauthorised websites which falsely promise high returns in investments by sitting at home.