The Cyber Crimes Police in Hyderabad have arrested three people in separate financial fraud cases that together caused losses of more than ₹2.6 crore to victims in the city.
In the first case, police arrested Vineet Chadha, 58, from Gurgaon, Haryana, for his involvement in a ₹2.02 crore trading fraud. A 62-year-old man from Hyderabad was tricked after responding to a Facebook advertisement that promised high returns through a trading platform. He was initially shown fake profits but was later told to pay additional amounts as taxes in order to withdraw his money. Eventually, he discovered that he had been cheated.
Investigations found that Chadha was running a shell company and had received ₹40 lakh in his bank account. He transferred part of the money to his associates while keeping a commission for himself. Police also confirmed that six others had already been arrested in connection with the case, including account holders and suppliers from Gujarat. During the operation, police seized six mobile phones, a laptop, and a cheque book.
In the second case, police arrested two men, Devash Rastogi, 31, and Jitendra Agarwal, 32, from Ghaziabad, Uttar Pradesh, for duping a 58-year-old Hyderabad resident in an insurance fraud. The accused pretended to be officials from the Insurance Grievance Management System (IGMS) department and promised the victim reimbursement of ₹63.45 lakh from insurance companies.
“They demanded five percent of the amount as processing fees, convincing the victim to transfer ₹4.02 lakh to an NPCI Services account through his credit card. The complainant later realised the calls were fraudulent,” said an officer from the Cyber Crimes unit.
Police stated that both men provided bank accounts to receive the fraudulent funds. Four mobile phones and three cheque books were recovered from them.
Authorities have urged people to remain cautious and to report incidents of cyber crime immediately by dialling 1930 or by visiting cybercrime.gov.in for support and assistance.
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