Hyderabad: Cyber Crime, Investment Fraud, Hyderabad Police, Online Scam, Stock Trading Fraud, Financial Fraud

The police arrested Rashmit Rajendra Patil, a private employee, who is also an account supplier. According to the police, a 56-year-old man from Hyderabad was referred to SAMCO Securities application and IIFL application by social media in which he had downloaded and logged in to the application and invested money for earning.

Initially the victim had invested in small amounts in different bank accounts provided in the application for which they showed some profit every day. They told the victim that he would receive profit amount into his application wallet; it could be withdrawn into his personal bank account which will take 1-3 days to deposit it in his account after deduction of tax @ 6% for each withdrawal. A senior officer said “Believing them to be genuine the victim deposited an amount multiple times totalling Rs 2,43,95,000. Later they stopped the withdrawal process.”

On complaint, the Cybercrime police registered a case U/Sec 66 (C), 66 (D) IT Act, Sec 111(2) (b), 318(4), 319(2), 336(3), 338 & 340(2) of BNS and investigated. The police said the fraudsters contact victims through social media platforms, Telegram App, WhatsApp calls and messages and offer double or triple profits in a short time through stock market trading.

They display the huge returns in their application initially and allow withdrawals to a certain extent to build trust. Showing virtual profits to lure victims into investing more, they block withdrawals once larger amounts are invested.

The cyber crime police advised people to protect themselves from cyber crime and financial fraud and to be cautious of online stock trading suggestions and investment frauds and offers like – huge returns in short term, multi bagger stock suggestions, investment in IPOs and mutual funds. Verify properly before accepting such offers and sharing your financial or personal details. If you are a victim of cybercrime fraud immediately dial 1930 visit https://cybercrime.gov.in/ for assistance.