Hyderabad: A 26-year-old driver, hailing from Maharashtra’s Pune, was arrested by the Hyderabad cybercrime unit for duping a local resident of Rs 2 crore.
The accused, Gurjot Singh alias Gurudev Singh, is wanted in 16 investment cases across India, including two in Telangana.
According to a police statement, the victim, a 56-year-old, invested money in SAMCO Securities and IIFL apps, which the victim downloaded from social media.
At first, the victim invested small amounts of money, which showed him daily profits. Then, the victim was told that their profits would be added to their app wallet and could be withdrawn to their personal bank account.
The cybercriminals claimed the withdrawal would take 1 to 3 days, and a 6 percent tax would be deducted with every withdrawal.
The victim soon fell into the trap and deposited money multiple times, amounting to Rs 2,43,95,000/-.
However, when the victim was unable to withdraw their money, they realised they were duped into cyber fraud.
The Hyderabad cybercrime team also recovered a mobile phone and a sim card from the accused.
Hyderabad cybercrime unit recovers over Rs 3.27 cr in March
Modus Operandi of cybercriminals
The Hyderabad cybercrime team has released the modus operandi. Citizens should beware and report immediately if they are being duped.
- Social media platforms, Telegram app, WhatsApp calls and Messages.
- Offers of double or triple profits in a short time through stock market trading.
- They are displaying huge returns in their application initially.
- Allowing withdrawals to a certain extent builds trust.
- Proposing investments with promises of substantial profits.
- Showing virtual profits to lure victims into investing more.
- Blocking withdrawals once larger amounts are invested.
Avoid getting cyber-scammed by following simple rules
- The Hyderabad cybercrime team has also issued an advisory for the public interest. Here are a few important points to remember and avoid getting duped.
- Be cautious of online stock trading suggestions & investment frauds and offers like – huge returns in the short term, multi-bagger stock suggestions, investment in IPOs and Mutual Funds.
- Verify properly before accepting such offers and sharing your financial or personal details.
- Scammers approach victims through various social media platforms,ie, Telegram, WhatsApp, X, Instagram, and Facebook by advertising Fake investment apps/websites.
- Such schemes are fraudulent and do not have SEBI’s endorsement. Fraudsters are using simple tactics to lure gullible investors with promises of high returns and Fake profit screenshots.
- Nowadays, fraudsters are showing fake SEBI certification documents to mislead the innocent victims. Be cautious, verify thoroughly and think before you invest.
- Don’t be greedy.
