Hyderabad Police bust fake call centre in Chittoor, five held

Hyderabad: The sleuths of Cyber Crime Police, Hyderabad on Wednesday busted a fake Call centre in Pileru Town of Chittoor District, Andhra Pradesh and arrested five persons for allegedly cheating many aspiring stock traders on the pretext of providing share market tips.

The accused are: Tippannagari Sai Saran Kumar Reddy, Kotholla Mahesh, Reddivari Haribabu Yadav, Korru Ajit, Madiga Diwakar.

Based on the investigation so far it was revealed that the accused have cheated about 140 members to the tune of Rs 1.08 crore.

On July 11, a Hyderabad resident lodged a complaint at Cyber Crime Police Station of Hyderabad Police, stating that some fraudsters cheated him of Rs 2.6 lakh on the pretext of providing share market tips and insisted him to deposit money in the bank accounts provided by them instead of his Demat account, it said. After depositing the money, the fraudsters stopped responding to his phone calls, the complainant said.

Following the complaint, a case was registered.

Modus Operandi

According to the police, the accused established one Trading Advisory company without having any SEBI registration and also without obtaining any permission from appropriate authorities they appointed 38 women tele-callers.

The accused purchased traders' data from online sources. As per their instructions, the tele-callers contacted the aspiring stock traders through their mobile numbers and said their company has qualified and experience analysis team and they will provide huge profits by giving share market tips, police said.

The tele-callers informed the stock traders that their Demat account will be operated by the professional traders. They then asked them to deposit money in bank accounts provided by them instead of Demat account. Later, they did not respond to their calls whenever they asked for refund, police said.

Six mobile phones and 31 laptops were seized from the accused. Further investigations are on.