Hyderabad cops crack down on fake Goldman Sachs trading fraud
Hyderabad: Hyderabad Cyber Crime Police apprehended a fraudster involved in eight cases across India, including three in Telangana.
The accused, Pagadala Uma Mahesh from Sattenapalli, Palnadu District, Andhra Pradesh, is involved in trading fraud.He is an account supplier and account holder.
Based on a complaint from a 55-year-old male employee from Hyderabad, Hyderabad cyber crime police booked a case. The victim received a Facebook request from an investor claiming to work for Goldman Sachs Gold Financial LTD, offering help with financial trading. She advised him to register on the website using a user ID and password. The victim explored the website and believed it to be legitimate. Following the fraudster’s advice, he transferred Rs 40,000 via GPay as his first investment. The website allowed him to withdraw some profits, leading him to believe the process was genuine.
Subsequently, the victim was asked to become a VIP member by depositing Rs 10,00,000, which he did. The fraudster showed profits, convincing the victim to invest further. He deposited money in different bank accounts in varying amounts. In total, the victim deposited Rs 43,36,146. Whenever he attempted to withdraw his funds, the fraudster demanded additional payments under the guise of a “risk fee” and a “conversion fee.”
The team headed by Inspector of Police Sri M. Seetharamulu, consisting of team members SI Bhavani, ASI Venkatesh, PCs Absar, Priyanka and Pratap, has cracked the case.
Hyderabad police advisory
Beware of fake investment social media groups on Telegram, WhatsApp, X, Instagram, and Facebook that are popping up everywhere promising high returns with little risk. Don’t believe promises of huge returns and fake profit screenshots. UseSEBI approved platforms and apps for investment and look for SEBI registered financial advisors. Scammers will credit a small amount in the victim’s account to gain confidence and allow withdrawal. Cybercrime victims can get help immediately by dialing 1930 or visiting cybercrime.gov.in
