Hyderabad: 5 held for duping woman of Rs 3.16 cr in stock market trading fraud

Hyderabad: Hyderabad Cyber Crime Police arrested five accused persons who were associated with a trading fraud case, and cheated the complainant in the guise of getting high returns by investing in the stock market.

The arrested accused have been identified as Swayam Timaniya, Meet Timaniya, Brijesh Patel, Harsh Pandya and Shankar Lal.

According to the Hyderabad police, “In November 2023 a complaint was received from victim, a resident of Hyderabad stating that accused person contacted her and insisted on investing in the stock market with 100 per cent highest returns on a company named UNITY STOCKS and then asked her to deposit the amounts in the different stock market and gaming websites like Dafabet, Unity Exchange, T20 IPL etc. saying that if she invests maximum money and holds it for six months then she can get minimum of 30 per cent returns of the invested amount.”

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The complainant invested an amount of Rs 3,16,34,764 into the bank accounts which were provided by the accused.

“Cyber Crime police, Hyderabad registered a case in Cr. No. 2495/2023 and investigated into,” the police said.

“In this case, one accused, Ronak Tanna, who is an account supplier was arrested on December 31, 2023. Later it is found that the fraudulent money is again routed in the Indian accounts and then reaching the money in Angadia (Hawala). As such all the five accused persons who were assisting the main accused person Arjun and Yug in converting the fraudulently gained money through hawala were arrested in Ahmedabad and Gandhi Nagar of Gujarat state,” the police added.

The police seized net cash of Rs eight Lakhs, one laptop and 12 mobile phones from their possession.