Guy from Ahmedabad, Gujarat, was arrested by the Hyderabad Cyber Crime Unit on Monday in relation to a case involving digital arrest fraud, according to police.
The apprehended suspect, Vyas Rutvik Smital Kumar, 26, is an Ahmedabad resident, according to authorities.
Eleven Telangana instances were among the more than 80 cases in which the accused was determined to be engaged. Sections 66C and 66D of the IT Act as well as Sections 318(4), 319(2), 336(3), 338, and 340(2) of the BNS were utilized to book the accused.
According to the police investigation, scammers claiming to be Motilal Oswal Securities Ltd. officials reportedly tricked the complainant and his daughter. By promising them large daily returns through “Block Trading” in the stock market, the con artists, who went by the names Shivangi Sarda and Gautham Duggad, enticed the victims. The victims were told to put money into a third-party bank account, join a WhatsApp group, and download a phony program.
A total of Rs 9,56,000. was deposited by the victims. But when they checked with the Hyderabad branch of Motilal Oswal, they found that the app was fake. The defendant subsequently demanded more payments while making up the story that the money was utilized for block trading and initial public offerings.
Scammers deceive customers by contacting them on social media platforms like WhatsApp or Telegram and promising quick and large stock market investment returns. To win people’s trust, they initially display fictitious big earnings and allow them to withdraw modest sums.
Then, in order to trap the money, they persuade victims to make more deposits before halting any withdrawals. The phones of the fraudsters have been confiscated by the police.
The case has been solved by the squad led by Inspector of Police K Madhusudan Rao and including SI K. Venkatesh, HC’s MA Kareem, Maheshwar Reddy, PC’s Sampath, G. Bhaskar, and D. Venkateshwarlu.
A public alert about the dangers of online stock trading and investment fraud has been released by the Hyderabad police. The advice stresses the need to be wary of unsolicited investment recommendations that offer high returns in a short period of time, such as recommendations for multi-bagger stocks and investments in mutual funds and initial public offerings (IPOs).
Before disclosing any personal or financial information, it is important to carefully check any such offers. Via social media sites like Facebook, Instagram, WhatsApp, Telegram, and X, scammers may connect with potential victims and frequently advertise phony investing apps and websites.
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