HYDERABAD: Cybercrime police have arrested two persons — Tamanam Surendra and Damacharla Naresh Babu — for their alleged involvement in a trading fraud scheme. They also seized electronic devices, such as laptops and mobile phones, from both accused. Teams have been formed to nab the absconding persons.
According to the police, the accused allegedly provided bank accounts to fraudsters who used them to cheat unsuspecting customers seeking high investment returns.
According to a complaint filed in February, the victim was added to a group, named Goldman (India) Sachs Securities Investment Management Limited, where the offenders sent him a link for a fraudulent trading application. After downloading it, the complainant invested a small amount.
Lost Rs 57 lakh
Later, as the display showed high profits, the victim invested more amounts and ended up losing Rs 57,37,536 in the process after the fraudsters refused to return his money.
Based on the complaint, cybercrime cops registered a case and launched an investigation. Investigators suspect the accused opened bank accounts and sold them to the fraudsters on Telegram, receiving a commission of Rs 1,500 for every Rs 1 lakh of transactions.
Authorities said the accused provided eight accounts used in transactions exceeding Rs 5 crore within just three months. The National Cybercrime Reporting Portal (NCRP) data reportedly links these accounts to 83 fraud cases across India.
Exercise vigilance, urge cops
Hyderabad police have issued an advisory urging the public to exercise vigilance when dealing with unfamiliar persons on social media platforms such as Telegram, WhatsApp, Instagram and Facebook. The advisory strongly advises against investing through unauthorised websites or any channels offering seemingly unrealistic returns for minimal effort