Cyberabad Police arrests online trading fraudster from Rajasthan
HYDERABAD: Hyderabad Cyber Crime Police have arrested Yash Dudi from Rajasthan for his involvement in a trading fraud scheme. He is accused of cheating innocent people by providing bank accounts to cyber fraudsters.
The complaint came from Vikas Agarwal, a businessman from Hyderabad. Agarwal was contacted by cyber fraudsters via WhatsApp, who introduced themselves as financial experts from Allianz Global Investors India. They added him to a WhatsApp group named “Allianz Investors Club 449,” which had 146 members. The fraudsters instructed him to install an app called ALL-VC and deposit money for trading. Initially, Agarwal saw some profits and successfully withdrew some money. However, they then asked him to deposit more funds for an upcoming IPO subscription, which led to him investing a total of Rs. 1.23 crore.
Modus operandi
The accused, Yash Dudi, aged 22, from Jaipur, Rajasthan, collaborated with accomplices Mohit Get and Adithya Dhayal. They created a plan to deceive people under the guise of trading opportunities. Dudi opened a current bank account at AU Small Finance Bank under a fake firm name, receiving Rs. 3.41 crores from various accounts in February and March 2024. The trio sold these bank accounts on a commission basis, based on the deposited amounts. They used the accounts to launder money from the victims, who believed they were investing in legitimate trading schemes.
The accused transferred the initial funds into one beneficiary bank account, leading to the identification of 69 related cases across India. The police seized three cheque books, four debit cards, and three mobile phones from the accused.
Cyber crime police advisory to public
The Hyderabad Cyber Crime Police requested the public to exercise caution while dealing with investment schemes on social media platforms. Avoid investing in unauthorised sources offering high returns. Report any suspicious activity to the authorities immediately.
The investigation team, led by Inspector K. Prasada Rao, with officers B. Manmohan, P.V. Srinivas, A. Sathish, G. Bhaskar, J. Venkatesh, and G. Kranthi Kumar, cracked the case under the supervision of ACP R.G. Siva Maruthi.
Deputy Commissioner of Police Dara Kavitha commended the team for their efforts in apprehending the suspect and urged the public to stay vigilant against such scams.
Key phrase: Online Trading fraud scheme, Allianz Investors Club 449
Tags: Online Trading Fraud, Social Media Scams, Trading Scam, Cybercrime, Allianz Investors Club 449, Hyderabad
