Hyderabad: this Cybercrime police in Hyderabad arrested a 27-year-old data entry operator, Shiva Shankar, of Noida, Uttar Pradesh, on Tuesday for alleged involvement in investment and transaction fraud. The defendants are involved in three cases in the country, including one in the state of Tlangana.
A 35-year-old private employee in Hyderabad received a WhatsApp message to provide online stock investment ideas for the stock market. Police said fraudsters provided a link to join their WhatsApp group, which they claimed to offer institutional stocks, OTC stocks and other group stocks in a short time, promising high profits in a very short time.
The victims believed that the commitment was real and therefore began to transfer large amounts of funds from their bank accounts. The scammer claims that his investment is a large amount of stocks and IPOs, which will make his investment capital huge profits of 20%.
In their application, he can see obvious profits. But when he decided to withdraw his profits, they told him that the payment was still kidnapped in the so-called IPO. When he insists on withdrawing his income, they ask him to deposit an additional amount.
At this point, he realized it was a scam and asked for a refund. He tried to contact them by phone and message, but they did not respond. Eventually, they blocked his access to chat and phone calls. The victim lost a total of Rs 14.63 lakh
Police said the fraudsters are connecting with victims through social media platforms to provide double or triple profits in stock market trading for a short period of time. Initially, they showed huge returns in their applications and allowed withdrawals to a certain extent, and encouraged investment proposals with huge profits and later fraudulent investors.
Two cell phones, four checkbooks and two debit cards were seized from the arrested person’s property.
