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Hyderabad: The cyber crime unit in Hyderabad has arrested an individual linked to a stock-trading scam. This person has been implicated in 16 cases nationwide, including three in Telangana.
The arrested individual, Lalit Kumar Jayswal, 33, hails from Ahmedabad, Gujarat. His fraudulent activities have been reported in several states, including Tamil Nadu, Maharashtra, West Bengal, Jharkhand, Kerala, Karnataka, Punjab, Delhi, and Telangana. Authorities confiscated his mobile phones, a laptop, debit cards, and cheque books.
As per cyber crime police reports, the victim was added to a WhatsApp group called Fidelity International Wealth Centre, where members showcased screenshots of their stock-trading profits. Persuaded by these claims, he opened an equity-trading account and invested money, attracted by promises of tenfold returns and discounted rates. He managed his account through two websites. However, after transferring Rs 6.2 lakh, the scammers requested more funds. When he declined, they threatened to withhold his investment, blacklist him, and block him from the group.
The cyber crime police have noted that fraudsters are reaching out to victims via social media platforms like Telegram and WhatsApp, promising quick returns of double or triple profits through stock trading. Initially, they display significant returns in their applications and allow limited withdrawals to gain trust, encouraging further investments with the lure of substantial profits. Eventually, they show virtual profits to entice victims into investing more, while blocking withdrawals once larger sums are deposited.
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