Hyderabad: The Rachakonda cyber crime sleuths on Wednesday arrested two persons who were running an online gold trading racket and duping persons. A case has been registered under various sections of the IPC and IT Act.
The accused have been identified as Mayur Sharad Hadkar (38), a director of Mumbai-based DIGI Volution Company Private Ltd, and Guddu Vinod Sharma (35), an employee of the company. The police seized mobile phones, laptops, cheque books, and SIM cards from them.
According to the police, Philip Chan, a Singapore national, and Vijay Chutlani of Mumbai started four companies - Victech Pvt. Ltd. at Rajkot, Gujarat; Digi Volutions Pvt. Ltd, Efan Gold Pvt. Ltd, and Mulia Gold Pvt. Ltd. in Mumbai – to run online gold buying/selling business. Chan had also registered the websites wat.malamo.in, malamo.in, d.lmom.ly, and dmal.in through Gogaddy.com.
The accused persons, under false names, approached the victims through WhatsApp. They would convince them to invest in gold and silver trading. If the victims showed an interest, the accused would give them a user ID, password, and links to their websites. The victim would log in and purchase gold coins/bars by depositing money in the accounts provided on the website.
Initially, they made some profits on the investment and were lured to invest more money. But after investing, when the victim tried to withdraw the money, the withdraw option was removed. In this way, the accused had approached a man who ended up investing Rs. 8,50,000. However, when he tried to withdraw the money, the withdraw option was deleted.
On 23 June, the two accused persons were arrested in Mumbai and brought to Hyderabad on transit warrant. They were produced in court for judicial custody. Investigation revealed that the fraudulently collected money was transferred into three accounts. All the accounts have been frozen.
The Rachakonda police have cautioned the people against such fraudulent investment schemes that offer abnormal profits within short periods. Do not transfer any amount either online or in any other form as they are entirely fake, they said.