Hyderabad: Cybercrime police arrest 3 online fraudsters from Ghaziabad, Gurgaon for duping people of Rs 2.04 Cr
The scams, involving fake insurance reimbursements and an online trading racket
By Newsmeter Network
Hyderabad: Cybercrime police have busted two major online fraud rackets and arrested three people from Ghaziabad and Gurgaon.
The scams, involving fake insurance reimbursements and an online trading racket, together account for losses of more than Rs 2.04 crore to Hyderabad residents.
Ghaziabad duo nabbed in Insurance Scam
In the first case, police arrested Devash Rastogi and Jitendra Agarwal, both residents of Ghaziabad, Uttar Pradesh, for swindling a 58-year-old Hyderabad man of Rs 4.3 lakh.
According to DCP (Cybercrime) D. Kavitha, the fraudsters posed as officials of the Insurance Grievance Management System (IGMS). They lured the victim with a promise of Rs 63.45 lakh reimbursement from various insurance companies.
Claiming that a 5% processing fee was required to release the funds, they convinced him to transfer Rs 4.02 lakh into bank accounts provided by them.
Investigations revealed the accused were part of a wider syndicate supplying accounts for fraudulent transactions.
Gurgaon businessman arrested in ₹2-Cr Trading Fraud
In another case, cybercrime teams arrested Vineet Chadha, a businessman from Gurgaon, linked to a nationwide online trading racket.
A 62-year-old Hyderabad resident became the victim after responding to a Facebook advertisement promoting a trading platform on a fake website.
He was persuaded to download a mobile application where he initially saw fabricated profits. Excited by the apparent gains, the victim invested Rs 2.02 crore across different bank accounts controlled by the fraudsters.
When he attempted to withdraw his money, the fraudsters demanded additional tax payments and threatened him over WhatsApp.
Funds routed through shell firms
Police said Chadha received Rs 40 lakh from the victim’s funds, which he routed through multiple shell companies. Six others had already been arrested earlier in connection with the racket.
During the operation, police seized six mobile phones, a laptop, and cheque books from Chadha’s possession.
Police Advisory
Cybercrime officials urged citizens to remain cautious while responding to unsolicited calls and online investment offers. They stressed the importance of verifying claims and platforms before transferring money.
