Hyderabad: Techie loses Rs 3.49 crore in fake share trading; four held
Investigations revealed that the fraud was routed through multiple bank accounts opened and operated by the accused
By - Newsmeter Network
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Hyderabad: Telangana Cyber Security Bureau (TGCSB) has arrested four persons for cheating a techie of Rs 3.49 crore on the pretext of share market investments.
Victim trapped through fake investment promise
According to police, the victim, a software employee from Hyderabad, was lured into transferring money after being promised high returns from stock market investments. Investigations revealed that the fraud was routed through multiple bank accounts opened and operated by the accused.
Four arrested, remanded
The arrested persons have been identified as: Vatti Michael Reddy (49), a foreign consultant from Karimnagar, Avula Srinivas (45), a businessman from Almasuda in Ranga Reddy district, Kukkala Satish Kumar (41), who runs Saiteja Consultancy in Huzurabad, and G. Rajender (50), an employee of a gas agency in Warangal.
All four were produced before a court and remanded to judicial custody.
Modus Operandi: Shell firm and current accounts
Police said Avula Srinivas had set up NC Software Solutions in Dubai last year. There, he reportedly came in contact with a person from Rajasthan who proposed using bank current accounts for high-volume transactions, offering a 25% commission in return.
After returning to India, Srinivas shared the proposal with the other accused. Subsequently, a current account was opened in the name of Tanishq Consultancy Private Limited under Michael Reddy’s name. The group later travelled to Bengaluru, where they met two people from Kerala and shared the bank account details.
₹6.29 crore transactions, 94 complaints nationwide
Police found that within a single day, transactions worth Rs 6.29 crore were routed through the account. The commission received from these transactions was shared among the four accused.
During the probe into the victim’s complaint, investigators confirmed that the cheated amount had been transferred to the same current account. Further scrutiny revealed that the account had attracted as many as 94 cyber fraud complaints from across the country.
Further investigation underway
Based on technical evidence and bank trail analysis, Michael Reddy was first arrested in Karimnagar. His disclosures led to the arrest of the remaining three accused. Police said further investigation is underway to identify other beneficiaries and the larger network involved in the fraud.
