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    HomeHyderabadPolice in Hyderabad apprehend two cyber fraudsters

    Police in Hyderabad apprehend two cyber fraudsters

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    The cybercrime police in Hyderabad have arrested two individuals for scamming people into buying stocks from the stock market and defrauding them of Rs 1.03 crore. The arrested persons are Bhura Ram, also known as Raju Bhai, from Dubai, UAE, and Ramchandra alias Ganesh Ram from Jodhpur, Rajasthan.

    The victims were contacted through the Telegram app by the fraudsters who claimed to be associated with Motilal Oswal, a stockbroker. They convinced the victims to invest in stocks, promising significant profits. The victims transferred a total of Rs 1,03,25,000 into the bank accounts provided by the fraudsters. A case was registered under various sections of the IT Act and IPC based on a complaint.

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    Bhura Ram and Ramchandra collaborated with cyber fraudsters to carry out the scam. Bhura Ram collected bank account details from Ramchandra and provided them to an individual named Berlin, who is currently missing. Bhura Ram received commissions for providing these details. In total, Bhura Ram shared 47 bank accounts with Berlin for the fraudulent operation.

    Nationwide, there were 507 cases involving 47 bank accounts, with 67 cases reported in Telangana alone. The losses amounted to Rs 88.40 lakh, Rs 79.95 lakh, Rs 64.85 lakh, and Rs 64.10 lakh respectively. A total of Rs 1.44 crore was frozen in these bank accounts, and Rs 55 lakh has been refunded to the victims through the Court.

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