Investment fraud: Hyderabad Cyber Crime Police arrest UP man for cheating senior citizen of Rs 52.29L
The accused has been identified as Prateek Shukla, a native of Uttar Pradesh
By Newsmeter Network
Representational Image.
Hyderabad: Hyderabad Cyber Crime Police have arrested a 23-year-old trader for allegedly duping a 68-year-old Hyderabad resident of Rs 52.29 lakh in a stock investment fraud.
The accused has been identified as Prateek Shukla, a native of Uttar Pradesh. He was involved in as many as nine cases across the country. One of these cases pertain to Hyderabad Cyber Crime, registered under section 66 C, 66 D IT Act, & Sec. 111(2) (b), 308(2), 318(4), 319(2), 336(3), 338, 340(2) of BNS.
Police said that Prateek Shukla is the account holder and account supplier. Four cheque books, one mobile phone and stamps of two shell companies were seized from the possession of the accused.
Brief facts of the case
A 68-year-old man from Hyderabad approached Cyber Crimes with a complaint stating that he was cheated by three bogus online investment companies namelyā 5paisa Capital Ltd, Barclays and SHANDA Capital Group Ltd.
The victim said that initially, he was added to WhatsApp through a link called VIP 5paisa Group. In that group, some of the people introduced themselves as Priya Agrawal (Ph: 80936***, 338605***) and Gourav Munjal (Ph 990207***) as assistants who register new members in the group through their fake app, and they recommend upper circuit shares, IPOs, otc trading, etc.
It appears that most of the group members seem to be their gang members,s where they say their recommendations are quite profitable, by sharing fake screenshots in the WhatsApp group, so that new members get motivated to invest and gain profit.
Believing them to be genuine, he deposited an amount multiple times, totaling Rs 52,29,500. Based on his complaint a case was registered in Cr. no. 413/2025 U/sec 66 C, 66 D IT Act, & Sec. 111(2) (b), 308(2), 318(4), 319(2), 336(3), 338, 340(2) of BNS and investigated is on, the police said.
Modus Operandi
Fraudsters contact victims through:
Social media platforms, the Telegram app, WhatsApp calls, and Messages.
Offers double or triple profits in a short time through stock market trading.
They display huge returns in their application initially.
Allowing withdrawals to a certain extent to build trust
Proposing investments with the promise of substantial profits.
Showing virtual profits to lure victims to invest more.
Blocking withdrawals once larger amounts are invested.
A team led by Inspector S Mattam Raju cracked the case. Other members of team members include police constables Ch Sunil Kumar, B Bhaskar, P Ashok, M Ganesh, M Rajender, P Sainath, K Ajay Kumar and M G Sudharshan.
Public Advisory:
To protect yourself from cybercrime and financial fraud: Be cautious of online stock trading suggestions & investment frauds and offers like ā huge returns in short term, multi bagger stock suggestions, investment in IPOs and Mutual Funds.
Verify properly before accepting such offers and sharing your financial or personal details.
Scammers approach victims through various social media platforms, i.e., Telegram, WhatsApp, X, Instagram, and Facebook, by advertising Fake investment apps/websites.
Such schemes are fraudulent and do not have SEBIās endorsement. Fraudsters are using simple tactics to lure gullible investors with promises of high returns and Fake profit screenshots.
If you are a victim of cybercrime fraud, immediately dial 1930 (or) visit cybercrime.gov.in for assistance.
