Hyderabad: A man has been arrested by the Hyderabad Cyber Crime Police for his role in an online investment scam. The accused, Rashmit Rajendra Patil, is a private company employee who supplied bank accounts used in the fraud.
According to the police, a 56-year-old man from Hyderabad became a victim after he was introduced to two stock trading apps—SAMCO Securities and IIFL—through social media. He downloaded the apps, created accounts, and started investing money, hoping to earn profits.
At first, the man invested small amounts into bank accounts listed in the apps. The scammers showed him fake daily profits, which appeared in the app’s wallet. They told him he could withdraw the money to his personal bank account within 1 to 3 days, after deducting 6% tax.
Trusting the scheme, the victim continued investing and ended up putting in a total of ₹2.43 crore (Rs 2,43,95,000). After that, the fraudsters stopped allowing him to withdraw any money.
The Cyber Crime Police registered a case under several sections of the IT Act and Indian law. They explained that scammers usually contact people via social media, Telegram, or WhatsApp. They promise double or triple profits in a short time through stock trading.
To gain trust, the scammers show fake profits and allow some withdrawals at first. Once the victim invests a large amount, they block all withdrawals and disappear.
Police have warned the public to be careful and not fall for online investment schemes that promise high returns in a short time. They advise verifying any financial offer before investing or sharing personal information.
If you become a victim of cyber fraud, you should immediately call 1930 or visit https://cybercrime.gov.in/ for help.
