Hyderabad: Police in Hyderabad have arrested three individuals for their roles in an online investment scam amounting to Rs 5.9 crore. The scam tricked victims from all over India.
The suspects are Madathala Ramesh Reddy, 25, Gandi Srinu, 31, and Gurrapūkonda Sridhar, 43, all from Andhra Pradesh.
According to the police, these men allowed cybercriminals to use their bank accounts to carry out the fraud. The criminals lured victims through investment offers shared on WhatsApp and Facebook.
The trio opened multiple bank accounts and allowed organized criminals to conduct transactions through them, receiving a commission for each transaction.
Ramesh had an account at City Union Bank under “Ramesh Traders,” earning a 15% commission. Srinu had an HDFC Bank account, earning 10%. Sridhar opened an account at YES Bank under “S.S. Tyre Collection,” earning 20%.
These individuals were involved in three separate fraud cases with amounts of Rs 37.82 lakh, Rs 9.72 lakh, and Rs 11.50 lakh.
Victims were approached via social media, receiving unsolicited messages from people pretending to be investment advisors or from well-known financial institutions.
They were convinced to join WhatsApp groups like “VIP-2012 Stock Growth Strategies” and “HORIZON CAPITAL” to invest in fake platforms for stock trading or cryptocurrency. The victims realized they were scammed when they couldn’t withdraw their money.
The cybercrime unit arrested the suspects after an investigation. They face charges under sections 66(C), 66(D) of the IT Act, and several sections of the Bharatiya Nyaya Sanhita.
