Hyderabad: 25 conned of Rs 10 cr by online investment fraudsters

Hyderabad: A 27-year-old man was duped by a fraudster gang of about Rs 17 lakhs after which he approached the Rachakonda police when he learnt that he was not the only one who fell prey to their schemes.

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According to the police, the accused have duped at least 25 others of Rs 10 crores luring them with promises of high profits in online investments.

Zameer, 27, who worked as a courier agency operator was lured by Suffiyan, his brother Umnam and their associates to invest in an online business called Estore India Finance & Chit Fund Company.

“He was promised an interest of Rs 9,000 a month for 36 months, on an investment of Rs 1 lakh,” said Yacharam inspector S Lingaiah.

The accused then convinced Zameer to invest another Rs 10 lakhs in another online business by the name KPW Compound Crypto Currency Finance, on the promise of three times profit.

“As the accused stopped giving monthly interest after eight months, Zameer started forcing them to pay. They gave him Rs 3 lakhs a few months ago. Zameer realized that the accused had duped several others as well,” said the inspector.

The police registered a case under sections 420, 406 of IPC and Section 5 of Telangana Protection of Depositors of Financial Establishment Act- 1999.