HYDERABAD: Cybercrime police arrested a 22-year-old man from Maharashtra for allegedly duping a 56-year-old Hyderabad resident of Rs 2.43 crore in an investment fraud.
According to police, the victim came across a mobile application shared by the accused — rashmit rajendra Patil, a native of navi Mumbai — on social media to lure gullible persons into investing money with the promise of high returns.
Initially, the victim made small investments into different bank accounts listed on the app. He was shown regular profits on the platform, which were credited to his in-app wallet. The accused assured him that these profits could be transferred to his personal bank account within one to three days, after deducting 6% as tax for each withdrawal.
Trusting the platform, the victim ended up transferring Rs 2.43 crore through multiple transactions.
When Patil stopped responding to his messages, he realised he had been cheated and approached the Hyderabad cybercrime police, who registered a case.