Police Detect 17 Cybercrime Cases in Cyberabad; 19 Held
Out of the 19 arrests, 12 were linked to trading fraud while three were related to digital arrest and two each to part time job fraud and job fraud
Hyderabad: The Cyberabad cybercrime police successfully detected 17 cybercrime cases from March 25 to 31 leading to the arrest of 19 offenders across multiple States. The investigation revealed the pan-India spread of cybercriminal networks, with offenders from different States.
Out of the 19 arrests, 12 were linked to trading fraud while three were related to digital arrest and two each to part time job fraud and job fraud, according to T Sai Manohar, Deputy Commissioner of Police, Cybercrimes, Cyberabad.
He said the police successfully processed and obtained 884 refund orders in 125cases from the court concerned for an amount of Rs.4.35 crore to be refunded to victims.
He further stated that one of the important cases detected this week was a major trading fraud in which a victim was cheated to the tune of Rs.2.93 crore by fraudsters through a fake WhatsApp trading group.
The complainant was added to a fake WhatsApp trading group where fraudsters posed as professional advisors and shared fake profit screenshots to gain trust. The accused lured the victim with promises of high returns through trading plans, block trades, upper circuit stocks, and IPO investments.
The fraudsters induced the victim to transfer money to multiple bank accounts under the pretext of investing through a fake institutional trading platform. The complainant was initially allowed to withdraw a small amount to build confidence, after which he was pressured to deposit large sums by showing fake profits.
The accused used multiple mule bank accounts and refused withdrawal of funds, thereby cheating the complainant. The police nabbed two persons – Shekar and Tinesh Kumar Parjapathi for knowingly supplying bank accounts of others to route the cheated amounts in return for commission.