Interstate cyber gang arrested for ₹3.49 crore stock fraud
Hyderabad: Telangana Cyber Security Bureau officials arrested an interstate cyber gang for duping software professionals. The gang lured victims by promising high returns from stock market investments.
CSB Director General Shikha Goel said the gang targeted a software employee from LB Nagar. Within 50 days, the accused cheated him of Rs 3.49 crore. In August, the gang added the victim to a WhatsApp investment group named 305 Stock Mart News using an account called Aarohi.
Interstate cyber gang arrested after Rs 3.49 crore fraud
Initially, the accused persuaded the victim to invest in IPOs and institutional stocks. They assured him of huge profits. After investing Rs 50,000, the victim saw profits displayed on the screen. Encouraged by this, he continued investing. Eventually, he transferred a total of Rs 3,49,20,004.
However, when the victim tried to withdraw the money, the accused demanded more funds. They claimed the amount was required as service charges. At this stage, the victim realised the fraud. Subsequently, he approached the Cyber Security Bureau.
During the investigation, officials found that the gang diverted the money to a current account. The account operated under the name Tanish Consultancy Private Limited. Based on this lead, CSB officials arrested Vatti Michael Reddy from Karimnagar.
Further, police said Avula Srinivas coordinated the racket. He runs a software company in Dubai. He allegedly worked with associates from Rajasthan. Meanwhile, police also arrested key accused Satish Kumar and Rajender.
Officials said the gang carried out transactions worth Rs 6.29 crore. So far, 94 complaints have been registered against them. During the arrests, police seized four mobile phones, two cheque books, and three debit or credit cards.
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