Hyderabad: Detectives from the Hyderabad Cyber Crime Police of the Detective Department have arrested three individuals from Maharashtra involved in a sophisticated trading fraud. The accused allegedly cheated victims to the tune of Rs 44.04 lakh by impersonating trading advisors from “Aveshta Study Group-W” and promising huge returns with forged electronic documents.
The arrested persons have been identified as Milind Manohar Narkar, 34, Ranak Jagadish Patel, 31, and SalikImtiyaz Ahmed Siddiqui, 25. According to police, a complaint was received on June 30 from a Hyderabad resident. The complainant stated that a group of fraudsters, using several bank accounts and a well-orchestrated plan, had impersonated organisers of reputable companies. They enticed him with promises of lucrative returns on investments, ultimately defrauding him of Rs 44,04,753.
Dara Kavitha, Deputy Commissioner of Police, Cybercrime, explained that the accused individuals colluded to devise a scheme to illicitly gain money under the guise of offering trading advisory services. The fraudsters initiated contact via phone calls, identifying themselves as “Trading Advisors from Aveshta Study Group-W” and enticing the victim with promises of lucrative investment returns.
“They coerced the victim into transferring funds into their designated bank accounts,” said the DCP. “When the victim attempted to withdraw their accumulated profits, they were informed that a 20% ‘service charge’ on the profit was required upfront. The fraudsters assured the victim that upon payment of this fee, both the initial investment and the accrued profits could be withdrawn. Through this deceptive method, the fraudsters defrauded the victim of Rs 44,04,753.” The arrested accused were found to be working for a cyber fraudster operating from Dubai, facilitating and accessing currency bank accounts on a commission basis. Manohar, one of the arrested, was assisting the Dubai-based cyber fraudster by converting fraudulent amounts into cryptocurrency. He also operated accounts and facilitated accommodation for account holders and providers at various hotels in Mumbai. Furthermore, the accused is involved in the exchange of cryptocurrency in seven other states across India.
Cyber Crime police advise citizens to protect themselves from cybercrime and financial fraud by being cautious of online stock trading suggestions and investment frauds.
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