Hyderabad: The sleuths of Cyber Crime Police Station (Hqrs), TGCSB arrested two accused Persons, involved in Rs 8.14 crore stock Trading fraud.
The accused Rahul Dangi and Rahul Bhoi, were arrested from Udaipur, Rajasthan and brought to Hyderabad, TGCSB Director Shikha Goel, said in a release here on Sunday.
Both the accused were arrested under section 66 (D) IT Act; Sec 318, 319, 338 BNS r/w 61 BNS.
Police seized 3 Mobile Phones from the Fraudsters , who target victims through social media platforms like WhatsApp or Telegram, posing as representatives of reputed trading firms.
The accused Rahul Dangi is a current account holder in the name of M/s Shree Sanwariya Furniture from which Rs. 75,00,000 was transferred from the victim to 25 different bank accounts.
The account has 32 links all over India. The total amount transacted in this account is 3.7 crore.
The other accused Rahul Bhoi, an agent (Account Supplier),supplied 5 more accounts to his associate. But only two accounts were used in the crimes.
On October 21, Police received a complaint from a resident of Banjara Hills, Hyderabad stating that he was induced to join a trading-related WhatsApp group and later persuaded to invest in block trades and IPOs through a fraudulent application.
Over three months, he transferred about Rs. 8.14 crore to accounts linked to the scam.
The fraudsters manipulated the application to show fictitious profits and demanded additional payments under false pretexts. Upon realizing the fraud, he reported the matter to the Cybercrime.
In this case, Shravan Kumar was arrested from Chittaurgarh, Rajasthan earlier.
They lure victims by sharing market trends, stock recommendations, and invitations to exclusive trading groups.
Once victims join, the fraudsters build trust by conducting online sessions to explain trading strategies and promote fake stock broking applications.
They persuade victims to invest in high-yield schemes, such as IPOs and block trades, by promising guaranteed allotments through institutional investor routes, claiming exclusivity and high returns.
Victims are asked to transfer funds to designated accounts or through a fraudulent app that initially reflects successful transactions and significant profits to create a false sense of security.
When victims attempt to withdraw funds, the app displays error or imposes additional demands such as regulatory fees, inspection charges, or penalties for transaction irregularities.
These demands are designed to extract more money from the victims. Once the victims refuse or are unable to pay, the fraudsters sever communication, and the app becomes non-functional, leaving the victims with significant financial losses. The arrested accused had opened a current bank account and handed over its credentials to others for misuse in exchange for a commission.
Investigations are ongoing to uncover the entire network involved in the fraudulent activities, the release added
UNI
