Hyderabad resident loses Rs 2.95 crore in stock market tips fraud; 2 held
The accused conspired to cheat victims by luring them with promises of huge profits from investments in fake stocks
By Sistla Dakshina Murthy Published on 10 Jan 2025 5:06 PM IST
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Hyderabad: The Hyderabad Cyber Crime Police arrested two individuals involved in a Rs 2.95 crore fraud involving online trading.
The arrested persons were identified as Sameer Hundekar and Deepak Sampath. Both are residents of Bengaluru, Karnataka. The accused conspired to cheat victims by luring them with promises of huge profits from investments in fake stocks.
Victim was added to a WhatsApp group offering ātipsā on stock market trading
Deputy Commissioner of Police, Cyber Crime, Dara Kavitha said that on August 27, 2024, the Cyber Crime Police received a complaint from a victim residing in Hyderabad.
The victim reported being added to a WhatsApp group named āMarval Capitaā, which claimed to offer stock market trading tips. It was also being advertised on YouTube.
Elaborating further, the DCP said that the group showcased fake profits from stock investments to lure victims. The victim invested Rs 2,95,15,510 in these fake stocks, which was then siphoned off into multiple bank accounts controlled by the fraudsters.
Accused had multiple mule accounts
Explaining the Modus operandi of the accused, Kavitha said that Sameer Hundekar (A2) and Deepak Sampath (A3), collaborated with the primary fraudster (A1) Ritesh Soni based in Dubai.
The duo opened multiple mule bank accounts and provided banking credentials, including chequebooks, to A1 for the withdrawal of fraudulent amounts.
The fraudsters also incorporated shell companies, with mule account holders falsely listed as proprietors. The accused received a 5 per cent commission for each fraudulent transaction processed through these accounts, she said.
Following the complaint, the Cyber Crime Police Station registered a case in Cr. No. 2068/2024 U/s 66 C, 66 D IT Act, & Sec 318(4), 319(2), 336(3), 338, 340(2) of BNS and began investigation.
The police seized a laptop, seven mobile phones, 21 debit and credit cards, 18 chequebooks, four shell company stamps, three QR code scanners and 15 SIM cards from the possession of the arrested persons.
Public advisory
The DCP advised the public not to believe unknown persons who introduce themselves over social media platforms like Telegram, WhatsApp, Instagram and Facebook offering investments in stock markets for high returns. He asked advised the public not to fall for task-oriented investment offers and not to invest in unauthorised websites which offer high returns on small investments.
