Hyderabad: Cybercrime police arrested two accused of a pan-India trading fraud case after a victim filed a complaint citing a loss of Rs 12.3 lakh.
Accused Ravi Kumar Lal, 38, and Shivendra Ashok Singh, 32, both from Navi Mumbai, Maharashtra, were involved in 12 cases across India, out of which two occurred in Telangana.
They have been booked under 318(4) (cheating), 319(2) (cheating by personation), 336(3) (forgery), 338 (forging valuable documents), and 340(2) (using a forged document) of BNS.
Ravi assisted in operating a Bank of Baroda account by sharing OTPs with another accused person, Viraj Rao, who is absconding.
While Shivendra would open mule bank accounts to supply them to Ravi.
The 53-year-old victim, Pasha, had registered a complaint stating that he was lured by a company named Flames Alliance and Munoth Capital Investment Limited under the guise of stock-market investment.
Promising high returns, he was approached on WhatsApp and was made to deposit Rs 12,30,000 into various accounts between August 13 and August 28.
According to police, the fraudsters used a fake trading platform “AEGIS” and repeatedly demanded additional payments.
Modus operandi
The accused lured victims by offering double or triple profits within a short period through stock market trading. To build trust, they initially allowed limited withdrawals.
However, once larger amounts were deposited, they blocked withdrawals altogether and blocked the contact, stopping all communication with the victims
The police seized 4 mobile phones and 3 cheque books.
The cybercrime police have issued an advisory for citizens to be cautious of online stock trading and investments that promise huge returns in the short term, as they are most likely scams.
In case of cyber fraud, dial 1930 or submit a complaint at https://cybercrime.gov.in/
