Hyderabad: A 23-year-old man from Uttar Pradesh was arrested by Hyderabad cyber crime police for his involvement in an online investment scam. The man, Prateek Shukla from Ghaziabad, supplied bank accounts for the fraud. He is linked to nine fraud cases across India, including one in Hyderabad.
The case came to light after a 68-year-old man from Hyderabad filed a complaint. He said he was tricked by fake online investment companies named 5paisa Capital Ltd, Barclays, and Shanda Capital Group Ltd. He had joined a WhatsApp group called “VIP 5paisa Group” through a shared link.
In the group, people pretending to be assistants named Priya Agrawal and Gourav Munjal added new members using a fake app. They recommended certain stock trades and promised high profits. They also shared fake screenshots of profits to convince others to invest.
Believing the group was genuine, the victim deposited money several times. In total, he lost Rs 52,29,500. After receiving the complaint, the police registered a case under the IT Act and various sections of the Indian Penal Code.
The police explained that the fraudsters usually reach out through social media, WhatsApp, or Telegram. They promise double or triple returns on investments in a short time. At first, they allow small withdrawals to gain trust. Later, they block access once victims invest larger sums.
The police have warned people to be alert and avoid falling for such scams. They advise not to trust unknown online investment suggestions, promises of quick profits, or stock tips. If anyone falls victim to cyber fraud, they should immediately call 1930 or visit https://cybercrime.gov.in/ for help.
