Hyderabad: Hyderabad Cyber Crime Department detectives on Thursday involved Srinivas Reddy, a 41-year-old from Tilaknagar, on suspicion of being involved in stock trading fraud.
The arrested were involved in five cases across the country.
According to police, the complainant received a call from someone who claimed to be W33Barclays “Tina Mittal” and suggested joining WhatsApp Group for investment advice. The complainant then invested money through the transaction application, but when the complainant tried to withdraw the funds, they asked him to pay five percent of the total deposit and profit.
After realizing that the defendant was cheated, the complainant filed a complaint with the cybercrime department. Police said the defendant was found to be contacting innocent people through social media platforms, telegraph apps and WhatsApp phone calls.
They will provide double or triple profits through stock market trading within a short period of time and ensure huge returns on the initial application. They will allow withdrawals to a certain extent to build trust and make investments with a promise of substantial profits.
Police said the defendants will first show virtual profits to attract victims to invest more investments once large amounts of money are invested.
