How Bangalore engineer floated ‘X-T Square Financial Services’ and cheated Hyderabad resident of Rs 1.45 Cr

Hyderabad: Cyberabad police have busted a fake online investment company for cheating a Hyderabad resident of Rs 1.45 crore.

‘X-T Square Financial Services’ was promising huge returns for investing in the company. Police have arrested three persons. The trio had duped the Hyderabad man of Rs 1.45 crore assuring huge returns for investments.

The arrested have been identified as Rameswara Behera alias RK Bhatt, Shaik Jainab alias Niharika, and her husband Akbar Khan, all from Bengaluru. The police also seized three mobile phones and three SIM cards from their possession.

Brief facts of the case:

On September 3, a case was registered in Cyber Crime Police Station, Cyberabad, wherein, the complainant stated that in January 2019 he received phone calls from Niharika for investing in ‘X-T Square Financial Services’, Bangalore.

Believing her, he initially invested Rs. 2,00,000 and subsequently was persuaded to make additional investments totaling Rs. 1.45 crore. Despite promises of high returns, no funds were released.

The complainant was later introduced to Kabeer and Jaya, who also failed to fulfill their commitments. He requested legal action against RK Bhatt, Niharika, and Akbar Khan. Based on a complaint, a case was booked and the accused were held, the Cyberabad police said.

Investigation led by Inspector P Srinivasa Rao revealed that Rameswara Behera aka R K Bhatt, founder of XT Square Financial Services, lost his father in 2018 and has a mother and siblings. After completing engineering, he moved to Bangalore, developed an interest in trading, and founded his own company in 2018.

Shaik Jainab alias Niharika, a 29-year-old graduate, initially met Rameswara Behera at Way2Gains in 2018 and joined X-T Square in 2019, as a sales executive who contributed significantly to the company's operations. Her husband, Akbar Khan, 31, also resides in Bangalore and previously worked as a data operator and sales.

Rameswara Behera and his associates Shaik Jainab, and Akbar Khan defrauded the complainant of Rs 1.45 crore between 2019 to 2021 through multiple transactions using multiple bank accounts, the Cyberabad police said.

Advisory

Citizens are advised to verify the legitimacy of the investment/people offering it. Be skeptical of unregistered products. Look for red flags like unrealistic gains/pressure tactics and not be rushed into an immediate decision. Seek advice from a trusted third party before investing. Report Cyber Crimes on Helpline 1930 (or) cybercrime website.