Cyber Cops Bust Trading Fraud Operated From Nepal and China

Hyderabad: The city cybercrime police on Friday uncovered a massive trading fraud linked to cybercriminals operating across India, Nepal and China. The police found that fraudulent transactions to the overall tune of Rs eight crore had been routed through accounts created and managed by the accused, who are involved in 18 cases across India. The police arrested Surat native Savaliya Ravi.

According to Dara Kavitha, DCP, Hyderabad Cybercrime Unit, the fraudulent transactions were to the tune of Rs 8 crore. The fraudsters were involved in 18 similar cases across India.

The cybercrime police received a complaint a few days back from a victim who said that he was added to a social messaging app group called M56 financial club. A person, introducing himself as Viswanathan, chief strategic officer of a global finance firm, convinced the victim to invest with promises of getting profits every day.

On believing their words, the victim invested small amounts. Subsequently, the fraudsters persuaded the victim to purchase IPOs for greater profits. In all, he invested Rs 87.51 lakh before realising that was cheated. Police registered a case and took up a probe.

During the probe, it was revealed that Ravi, Kishan, and their associates had opened a number of mule bank accounts by using fake identities and provided the same to cyber fraudsters in Nepal and China on a commission basis.