The Hyderabad police have arrested three men for their alleged involvement in an online investment fraud case worth Rs 5.9 crore that targeted victims across India.
The accused have been identified as Madathala Ramesh Reddy, aged 25, Gandi Srinu, aged 31, and Gurrapukonda Sridhar, aged 43, all residents of Andhra Pradesh.
According to the police, the three accused provided access to their bank accounts to organised cyber criminals who ran fraudulent investment schemes circulated through WhatsApp and Facebook. In return, the trio received commissions for every transaction made through their accounts.
police investigations revealed that Ramesh opened a bank account in City Union Bank under the name ‘Ramesh Traders’ and earned a 15 percent commission from the fraudsters. Srinu opened an account in HDFC Bank and received a 10 percent commission, while Sridhar opened an account in YES Bank under the name ‘S.S. Tyre Collection’ and received a 20 percent commission.
The accused were found to be linked to three investment fraud cases involving amounts of Rs 37.82 lakh, Rs 9.72 lakh, and Rs 11.50 lakh.
Cybercrime police said the victims were contacted through unsolicited WhatsApp messages from individuals posing as investment advisors or representatives of reputed financial firms. The fraudsters lured them into joining WhatsApp groups such as VIP-2012 Stock Growth Strategies, HORIZON CAPITAL, and T14 – Aamir Singh’s Community.
Members were then persuaded to invest in fake stock trading or cryptocurrency platforms using clone trading apps such as SMC STK Trading App and ValiantCapital App. The victims invested large sums of money after being promised high returns but later discovered they had been cheated when their withdrawal requests were blocked.
Police said further investigation is underway to trace other individuals involved in the larger network behind the scam.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
