Hyderabad: Police in Hyderabad have arrested three men from Maharashtra for a trading scam. They allegedly pretended to be advisors from “Aveshta Study Group-W” and used fake documents to deceive people, stealing a total of Rs 44.04 lakh.
The suspects are Milind Manohar Narkar (34), Ranak Jagadish Patel (31), and Salik Imtiyaz Ahmed Siddiqui (25). A local resident reported on June 30 that these scammers had tricked him by posing as representatives of respectable firms. They convinced him to invest with promises of high returns, resulting in a loss of Rs 44,04,753.
Dara Kavitha, Deputy Commissioner of Police, Cybercrime, detailed the scam. The group contacted victims by phone, claiming to offer expert trading advice, and lured them with promises of big profits.
“They persuaded the victim to deposit money into their bank accounts,” said the DCP. When the victim wanted to withdraw his profits, the scammers demanded a 20% service fee upfront. They falsely claimed that after this payment, the victim could access both their initial investment and profits. Through this deception, the victim lost Rs 44,04,753.
The suspects were linked to a cybercriminal in Dubai, helping him manage money in bank accounts for a commission. Manohar was involved in changing these fraudulent funds into cryptocurrency and managing accounts in various Mumbai hotels. He also exchanged cryptocurrency across seven other Indian states.
The Cyber Crime police urge the public to be wary of online stock trading tips and investment scams to avoid falling victim to such frauds.
