Online stock trading scammer wanted in 80 cases arrested in Hyderabad

Hyderabad: The cybercrime unit arrested a person for his alleged involvement in 80 cases across India and 11 cases in Telangana.

The accused has been identified as Vyas Rutvik Smital Kumar (26), a resident of Ahmedabad, Gujarat. He has been accused of organising multiple digital arrests scams that have duped many persons on multiple occasions. The loss incurred by victims of his latest fraud has been more than Rs 10 lakhs.

Case details

The complainant and his daughter claimed to have been victims of financial fraud. They were contacted by individuals posing as representatives of Motilal Oswal Securities, who promised high daily profits through ‘Block Trading’ in the stock market. The scammers, identified as Shivangi Sarda and Gautham Duggad, instructed them to download an app, join a WhatsApp group, and deposit funds into a third-party bank account.

The victims deposited a total of Rs 9,56,000. Soon, the scammers claimed that the funds were invested in IPOs and block trading and started demanding additional payments. However, upon inquiring with Motilal Oswal’s Hyderabad branch, they discovered that the app was fake.

Modus operandi

The scammers would contact victims through:

- Social media platforms, Telegram app, WhatsApp calls and messages.

- Offers of double or triple profits in a short time through stock market trading.

- They would initially display huge returns in their application and would allow withdrawals to a certain extent to build trust.

- They would propose investments with promises of substantial profits.

- They would show virtual profits to lure victims into investing more but block withdrawals once larger amounts are invested.

Public advisory

To protect yourself from cybercrime and financial fraud:

- Be cautious of online stock trading suggestions and investment frauds and offers promising huge returns in the 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 SEBI’s 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, immediately dial 1930 or visit https://cybercrime.gov.in/for assistance.