Under the guise of stock trading investments, the Hyderabad Cybercrime Police apprehended a scammer who defrauded a city-based trader out of Rs 2 crore.
P Srinivas Reddy (41), a Tilaknagar-based private employee, was detained. He is reportedly connected to five different stock trading fraud cases nationwide.
The police claim that the complainant was asked to join a WhatsApp group for investment guidance and was promised greater returns for stock trading investments.
The complainant then used a trading software they recommended to deposit a total of Rs 2.1 crore.“However, when the complainant and his business partners tried to withdraw funds, they were asked to pay 5 per cent of the total deposit plus profit. They realized that they were cheated and filed a complaint with the cybercrime unit,” said a cybercrime official.
The Cybercrime police filed a case and took the defendant into custody after receiving a complaint.
For help, call 1930 or go to https://cybercrime.gov.in/ if you have been the victim of cybercrime.
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