HYDERABAD: Cyberabad cybercrime police arrested seven persons for cheating a victim of Rs 95 lakh in an online investment fraud. Police seized Rs 26.57 lakh in cash, froze bank accounts worth Rs 12 lakh, and secured court orders for the refund of Rs 9 lakh to the victim. The accused were arrested in Visakhapatnam.
According to the police, the case was registered after the victim lodged a complaint alleging that he had been duped through a fake online trading and investment platform operating under the name “Elera Capital Desk.”
The accused allegedly lured the victim into investing through WhatsApp groups and other online platforms by promising high returns. Initially, the victim invested Rs 46 lakh. The fraudsters then displayed a fake profit of Rs 2.04 crore in his trading account to gain his confidence.
When the victim attempted to withdraw the amount, the fraudsters demanded additional payments under the pretext of taxes, security deposits, processing fees, and other charges. Believing the claims, the victim paid another Rs 49 lakh. In total, he was cheated of Rs 95 lakh. The victim realised he had been defrauded and approached the Cyberabad cybercrime police.
During the investigation, police found that the fraud proceeds had been routed through 45 layered mule bank accounts to conceal the flow of funds.