The Hyderabad Cyber Crime Police have successfully busted a sophisticated online trading fraud, arresting three individuals from Maharashtra who allegedly siphoned off over ₹44 lakh from victims. The accused impersonated “Trading Advisors from Aveshta Study Group-W,” luring individuals with promises of exorbitant returns on stock investments.
The arrests followed a complaint filed on June 30 by a Hyderabad resident who was defrauded of ₹44,04,753. The fraudsters would contact victims via phone calls, convince them to invest, and then demand an additional 20% “service charge” when victims attempted to withdraw their supposed profits. Once the service charge was paid, all communication would cease.
The arrested individuals have been identified as Milind Manohar Narkar (34) from Mumbai, and Ranak Jagadish Patel (31) and Salik Imtiyaz Ahmed Siddiqui (25) from Thane. Investigations revealed that they were working for a Dubai-based cyber fraudster, facilitating bank accounts and converting illicit gains into cryptocurrency on commission. Narkar, in particular, was actively involved in converting the fraudulent amounts into cryptocurrency and managing mule accounts from hotels in Mumbai. His network is believed to span seven other Indian states.
The police seized three mobile phones from the accused and have remanded them to judicial custody. Authorities are currently analyzing fraudulent transactions to identify other members of the gang, including the Dubai-based kingpin.
The Hyderabad Cyber Crime Police urge citizens to exercise extreme caution when encountering online stock trading suggestions and investment opportunities that promise unusually high returns. They advise verifying the legitimacy of such offers and reporting any suspicious activity immediately to the cybercrime helpline 1930 or through the official portal at cybercrime.gov.in.
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