Hyderabad man loses Rs 2 Cr to online trading-cum-investment fraud, three Gujaratis arrested

Hyderabad: A man from Hyderabad has suffered a massive financial setback of Rs 2 crore after falling victim to an online trading–cum-investment fraud.

The Cybercrimes Police Station, Hyderabad have arrested three persons identified as Chudasama Kuldeepsinh Anopsinh, Jedeja Daivatsinh Kiritsinh and Sinojiya Ketan Sureshbhai in the fraud. All three of them are residents of Rajkot, Gujarat.

The police seized Rs 1 lakh, a gold chain, gold bracelet, two gold rings, cheque books, six debit cards, mobile phones and 10 SIM cards from the possession of the accused.

Case details

The victim, a resident of Ramkoti, Hyderabad, filed a complaint alleging that he was contacted by cybercriminals over WhatsApp, where they promised a 500 percent profit plan. They conned him out of Rs 2 crore under the guise of an online stock market trading business.

Through numerous bank transactions, the cybercriminals tricked him into opening an institutional account on the website encouraged him to invest, and stole from him.

Modus Operandi

The arrested accused opened the current / corporate bank accounts in various banks in Rajkot, and deposited money in those bank accounts from the victims. They used to contact victims through Whatsapp messages, and insisted the public to invest money in an online stock market by offering good profit.

After getting deposits, they used to withdraw cash from the bank accounts and used to hand over the amounts to the fraudsters through hawala duly taking their commission amounts.

Caution

Public are cautioned not to believe trade based investment offers on social media platforms like Telegram, Whatsapp, Instagram, Facebook, and other sources and not to invest in unauthorised websites or through any other means as they lure victims for huge amounts on the pretext of trading cum investments.