Cyber crime police in Hyderabad have arrested a suspect involved in a fake investment scheme. Two men from Bashu in Navi Mumbai have been arrested for their alleged involvement in an investment scam targeting Hyderabad residents who lost Rs 100 crore, the Hyderabad Cyber Crime Police said. $12.3 million in fraud scheme.
According to a source at the unit, the arrest was made in response to a complaint from a 53-year-old victim who was deceived by fraudsters posing as investment advisors. Hyderabad police said the suspects were operating illegal activities under Flames Alliance and Munoth Capital Investment Limited.
The accused have been identified as Ravi Kumar Lal and Shivendra Ashok Singh.
Hyderabad Police arrest suspect in fake investment scheme
Investigators from the Hyderabad Police said they started investigating the facts of the case after the complainant filed a petition. They alleged that Ravi Kumar Lal was running the bank account by passing the OTP to his Pune-based employee through APK files.
Police claimed that the associate left his home after being informed of his arrest and is still on the run, making the search difficult.
Meanwhile, Shivendra Ashok Singh was responsible for providing Lava’s bank account, which was used to transfer the funds stolen from the victims. Officers alleged that the suspects approached the victim on WhatsApp and sent unsolicited messages before the victim agreed to listen.
The suspects posed as stock market experts and promised extraordinary profits if they invested in the platforms they introduced. Attracted by the profits, he agreed to the investment.
Between August 13 and August 28, the suspects transferred funds to multiple accounts after being shown fabricated profits and reassured with small withdrawals when they started investing. However, a problem arose when he deposited a large amount of money. He claimed that the suspects first blocked access to the platform and then disappeared.
Investigators from the Hyderabad Police claimed that the suspects used a technique they had encountered many times.
Police urge residents to be careful
The investor said one of the suspects managed the bank account, while the other was in charge of its operations and the mobile phone number associated with the bank account. Officers claimed the victims were shown benefits that were manipulated to create a sense of tension. They knew that once he saw he started making huge profits, he was going to go all in on the investment, which he made sure to do.
Cops pointed out that apart from this scam, the duo was also involved in other types of scams across India.
In a similar incident, police arrested a suspect who stole Rs. $2.6 million in fake stock market investments. Police claimed the suspects advertised this on social media, targeting unsuspecting senior citizens with mouth-watering benefits.
The perpetrators deceived the victims, showed them the manipulated platforms, and sometimes received money. However, when I tried to withdraw my funds, I found out that it was a fake platform.
Meanwhile, the Hyderabad Police added that around four mobile phones and three check books were seized from the suspects.
Police claim that this type of fraud has been rampant across the country since the beginning of the year, noting that lax regulations regarding the cryptocurrency industry and digital assets have given scammers ample room to operate. They urged residents to exercise caution before investing.
Additionally, those wishing to invest should seek advice from appropriate professionals.
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