Hyderabad: Two people were arrested from Aurangabad in Maharashtra on Wednesday, 6 November, by the Cyberabad cyber crime police for their involvement in an institutional stock investment fraud scam. The accused cheated people of Rs 2.29 Cr after promising them high returns on the pretext of IPO allotments.
The arrested individuals have been identified as Naresh Shinde, and Saurabh Shinde, natives of Maharashtra. The arrested are the accused number 6 and 7 respectively in the case. The prime suspects, the accused 1-5, are still absconding and efforts are underway to arrest them.
According to the police, the scam was done under the name of “Kotakpro web application.” According to the complaint, a Hyderabad-based software engineer joined a WhatsApp group named “B2231 KSL Official Stock” that focused on stock market trading and skill building led by Narayan Jindal, Anjali and their associates, who claimed to provide profitable trading insights.
Telangana residents lose over Rs 4 cr everyday to cybercriminals
Upon being convinced about the organisation’s credibility, the victim invested Rs 2.29 Cr, including Rs 50,00,000 towards the account of Saurabh Shinde. Upon trying to withdraw the ‘profits’ that were shown to be made by the victim, he encountered obstacles in doing so, and also the accused demanded additional payments under various pretences.
This led to the victim realise that he has been deceived, and he then lodging a complaint on October 8, with the cyber crime police. The subsequent investigation led to the revelation of the fraudster network.
The police has appealed for citizens to be vigilant and not to fall prey to online investment frauds, which guarantee higher profits within a short term. In any instance of cybercrime, citizens can report cybercrime on the hotline 1930 or at the official website cybercrime.gov.in.
