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The Hyderabad Cyber Crime Unit apprehended a man from Gujarat's Ahmedabad in connection with a digital arrest fraud case on Monday, officials said.
According to officials, the arrested accused, identified as Vyas Rutvik Smital Kumar (26), is a resident of Ahmedabad. The accused was found involved in over 80 cases across India, including 11 cases in Telangana. The accused was booked under Sections 66C, 66D of the IT Act and Sections 318(4), 319(2), 336(3), 338, 340(2) of the BNS. Based on the Police investigation, the complainant and his daughter were allegedly duped by fraudsters posing as representatives of Motilal Oswal Securities Ltd. The scammers, identified as Shivangi Sarda and Gautham Duggad, lured the victims with promises of high daily profits through "Block Trading" in the stock market. The victims were instructed to download a fake application, join a WhatsApp group, and transfer funds into a third-party bank account. The victims deposited a total of Rs9,56,000. However, upon verification with Motilal Oswal's Hyderabad branch, they discovered that the app was fraudulent. The accused then falsely claimed that the funds were invested in IPOs and Block Trading, demanding additional payments. Scammers trick people by reaching out through social media, such as Telegram or WhatsApp, promising big profits from stock market investments in a short time. They show fake high earnings at first and let people take out small amounts to gain their trust. Then, they convince victims to put in more money before stopping all withdrawals, trapping the cash. The police have seized the scammers' phones. The team headed by Inspector of Police K Madhusudan Rao, consisting of team members SI K. Venkatesh, HC's MA Kareem, Maheshwar Reddy, PC's Sampath, G. Bhaskar and D. Venkateshwarlu, has cracked the case. The Hyderabad police have issued a public advisory addressing the risks associated with online stock trading and investment fraud. The advisory emphasizes the importance of exercising caution regarding unsolicited investment suggestions that promise substantial returns in a short time frame, including multi-bagger stock recommendations and investments in Initial Public Offerings (IPOs) and Mutual Funds. It is crucial to thoroughly verify any such offers before sharing personal or financial information. Fraudsters may reach potential victims through various social media platforms, including Telegram, WhatsApp, X, Instagram, and Facebook, often promoting fraudulent investment applications and websites. (ANI)
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