Hyderabad: 4 arrested for investment fraud involving Rs 16 crore

Hyderabad Desk

Hyderabad: The Cybercrime police have apprehended four individuals for their alleged involvement in an investment fraud case. The police seized 25 checkbooks, 24 debit cards, six stamps of shell companies, 141 grams of gold ornaments, 12 mobile phones, and a laptop.

The accused have been identified as Mangilal Godara, Bajanlal alias Bajan, Kamlesh Kumar alias Mahesh Kumar, and Prakash Chand, all residents of Suchitra in the city and natives of Rajasthan.

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According to the Hyderabad police, “The four persons opened bank accounts through fraudulent means and provided them to fraudsters who paid them a hefty commission on each transaction.” 

Officials explained that the cybercriminals had opened 52 bank accounts under various shell companies in which they deposited a total of Rs 16 crore collected from different victims. The accused promised the victims substantial returns on investments in online stock trading. 

The Cyber Crime Police registered cases under Sections 66(C) and (D) of the IT Act and Sections 419 and 420 of the Indian Penal Code

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