Crime Hyderabad

Online trading scam: Hyderabad police ensures half of the siphoned money refunds

Online Trading Scam

Hyderabad: Hyderabad cyber crime police busted an online trading scam and arrested four men involved in a one crore worth of fraud. Notably the police were successful in reimbursing half of the cheated amount -Fifty five Lakhs -to the victim through court.

Hyderabad police opened a formal investigation after they received a complaint from a victim who lost one crore in the trading scam. According to the complainant, the cyber fraudsters contacted him through an instant messaging app and luring him that they will provide tips and guidance on how to invest in the stock market and get huge profits. They made him invest in stocks and share markets. They lured him to invest an amount of One crore and he transferred the money into the bank accounts provided by them.

“The accused Bhura Ram alias Raju Bhai and Ramchandra alias Ganesh Ram colluded with cyber fraudsters and cheated the innocent people on the pretext of providing tips in the stock market to get profits. The accused Bhura Ram collects the Bank accounts from Ramchandra for 5% of commission. Further, accused Bhura Ram provides the same accounts along with registered mail ID and SMS alert numbers to Mr. Berlin (absconding) on 20% commission” said Hyderabad police commissioner K Sreenivas Reddy.

Accused travel to Dubai via Nepal to evade police

Further probe revealed that the accused Bhura Ram has given a total of about 47 Bank accounts to prime accused in Berlin. In all 47 bank accounts and total 507 Cases were registered all over India in which 67 cases pertain to Telangana State.

Bhura Ram used to travel to Dubai and return to India through Nepal to avoid immigration screening, as Look out Circular(LOC) was issued against him for detention. Later, he was detained by Land immigration, Sonauli, Uttar Pradesh which is the Nepal border while he was returning to India from Dubai through Nepal, said Hyderabad police..

Hyderabad police cautioned the public not to believe the fraudulent online Trading websites which are not registered with SEBI and also not to invest in unauthorized websites through any other means, which lures in the guise of high returns by investing little amounts by sitting at home.