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Hyderabad police bust stock market scam network

cybercrime police in Hyderabad have successfully nabbed Ronak Tanna, 35, the main accused behind a stock market scam

HYDERABAD: In a major breakthrough, cybercrime police in Hyderabad have successfully nabbed Ronak Tanna, 35, the main accused behind a stock market scam.

Tanna, from South Goa, tricked people into investing with promises of whopping 100 percent returns through a company called UNITY STOCKS.

The investigation stems from a complaint filed by a victim in Hyderabad, who invested Rs 3,16,34,764 based on Tanna’s assurances. The Cyber Crime Police registered a case (Cr.No. 2495/2023) under Sec 66 C,D ITA Act and Sec 419, 420 IPC.

Tanna, the alleged mastermind, collaborated with individuals such as Judith Gonsalves and Sana Mohammed Qureshi, collecting bank accounts from across India. He then collaborated with Dubai nationals, supplying them with these accounts for easy gains. The accused distributed commission amounts among themselves, leading to 83 cases registered in different states against 95 accounts supplied to Dubai.

The police team, led by Inspector Ch. Gangadhar, seized two laptops, six mobile phones, five cheque books, six mobile SIM cards, and 15 debit cards from the accused.

The successful crackdown involved a team of dedicated officers under the supervision of Joint Commissioner A.V. Ranganath and DCP Cyber Crimes, D. Kavitha. A total of 83 cases were registered across the country against the identified accounts.

In light of this case, the police issued a cautionary advisory to the public, urging them to be skeptical of unknown individuals on social media platforms promising high returns on investments. The public is advised against investing in unauthorized websites or through dubious means, emphasizing the potential risks associated with such schemes.