Hyderabad: Two Arrested in Investment Fraud Case
The Cyberabad cybercrime police have arrested two men from Aurangabad, Maharashtra, for their involvement in an investment fraud case. The arrested individuals are Naresh Shinde, who supplied bank accounts, and Saurabh Shinde, the account holder where the victim’s money was transferred. The victim had transferred Rs 50 lakh to this account. However, five other suspects involved in the case are still on the run.
According to the police, the five absconding suspects were responsible for managing and organizing a web application called “Kotakpro.” This platform was used to carry out an “institutional stock investment fraud.” The fraudsters tricked the victim by creating fake web applications for stock investments, claiming they could offer Initial Public Offering (IPO) allotments and high short-term returns.
The case began on October 8 when a software engineer filed a complaint with the police. In his complaint, he said he had joined a WhatsApp group called “B2231 KSL Official Stock.” The group focused on stock market trading and skill-building, and it was led by suspects named Narayan Jindal, Anjali, and others. They convinced the victim to trust their trading insights and invest in a platform called Kotakpro.
After registering on the platform, the victim transferred around Rs 2.29 crore, believing he was investing in new IPO stocks. While the platform initially showed a virtual profit, the victim faced difficulties when trying to withdraw his earnings. The suspects then demanded additional payments under various false pretenses, making the victim realize he had been scammed.
The police explained that the fraudsters took advantage of the victim’s trust and manipulated trading activities to block withdrawals, causing the victim to lose a large sum of money.
The Cyberabad cybercrime police have advised citizens to be careful when investing, especially in platforms that promise high returns in a short time. They urged people to verify any investment schemes through official sources like SEBI and to report cybercrimes to the helpline 1930 or at https://www.cybercrime.gov.in.
