Three fraudsters arrested for `3.2 crore investment fraud
The gang operated a WhatsApp group named "Bajaj Fin Security Limited" to deceive people.
Hyderabad: The Telangana State Cyber Security Bureau (TGCSB) on Sunday arrested three persons in connection with an online investment fraud case where Rs 3.2 crore was siphoned off by the scamsters. The same was reportedly masterminded by a duo of Indian origin operating out of Cambodia.
The arrested persons are Md. Raziuddin, 22, a resident of Riyasath Nagar, Santoshnagar; Md. Waliullah, 25, a nursing student residing in Shalibanda; and Mohd. Zubair Khan, 34, a computer operator residing in Zebabagh, Muradnagar, Asifnagar.
According to TGCSB director Shikha Goel, a Hyderabad-based victim lodged a complaint stating that on May 28, he had received a message via WhatsApp from a firm named after a renowned financial services firm along with an invitation link. Out of curiosity, he clicked the link and joined a WhatsApp group named after the famous company. The group shared regular updates on market trends, block trades, and IPOs.
Influenced by the admin, Purav Jhaveri, and his assistant, Prisha Singh, the complainant joined an app using the link provided. Over time, they advised him to invest in block trading and IPOs, claiming they could facilitate purchases through “Institutional Investors” for assured allotment and high returns, Shikha Goel said.
Believing this, the victim transferred Rs 3.24 crore between May 30 and July 9. He was able to withdraw `5 lakh once on June 20. When he tried to withdraw more money on July 8, the application showed a successful transaction but the money was not credited to his account. When he contacted customer care, he was asked to pay an additional 15 per cent to release the amount. Realising it was a scam, he filed a complaint, the TGCSB director said.
The TGCSB registered a case and began a probe. During the investigation, it was established that the complainant had transferred `10 lakh from his bank account to an account indicated by the scamsters on July 3. The same day, the scamsters transferred `7.5 lakh to another account belonging to the accused Waliullah, and the same was withdrawn by Raziuddin by submitting a cheque at the Begumpet branch and converting the amount into cryptocurrency (USDT).
Similarly, Waliullah received `7.5 lakh from a different account, which was also withdrawn by Raziuddin and also converted into crypto (USDT). The details of the crypto wallet belonging to Raziuddin were ascertained during the investigation, and legal steps were being taken to prevent further transactions and the misuse of any amount available in this crypto wallet, Shikha Goel said.
The other accused, Prisha Singh and Purav Jhaveri, who initially contacted the complainant via the WhatsApp group, are believed to be in Cambodia. An investigation is underway to trace their real identities and location.
