Investment fraud: Hyderabad cops arrest 9 fraudsters who cheated man of Rs. 9L

Hyderabad: The sleuths of Rachakonda cyber crime police station arrested nine fraudsters on 9 September at Sagar, Madhya Pradesh, for cheating people by luring them with promises of high returns in the stock market.

The arrested persons have been identified as Shivshankar Athiya, Abhishek Soni, Abhilash Choudary, Rohit Jain, Bhavesh Baragi, Vinek Pateriya, Athar Hayat, Atul Pateriya, and Rahul Soni. The police brought them to Hyderabad on a transit warrant. They will be produced before the court for judicial custody.

According to the police, on 11 March they received a complaint from Nuthakki Koti Siva Kakani Sudhakar, a resident of Vansthalipuram. He told them that the accused persons had contacted him and introduced themselves as executives of Top Global Research Company, Bhopal. The fraudsters had claimed that they could provide huge profits within four-six months by investing in the share market and asked Sudhakar to invest money through their company.

“Sudhakar followed their instructions and opened a Demat account under his name and shared his ID and password details with the fraudsters. They asked him to transfer Rs. 9,60,000 into various bank accounts provided by them. Later, they stopped responding to his calls and messages,” said a police officer.

The police said the accused persons lured people to invest large sums of money by promising quick returns. The fraudsters would then ask the victims to credit the money to their bank accounts while making them believe that their money had been invested by showing fake investment process.