Hyderabad cops arrest 2 Bengaluru residents in Rs. 2.9 crore stock trading fraud

Hyderabad: The Cyber Crime Police of Hyderabad City have arrested two individuals involved in a ₹2.95 crore trading fraud.

The arrested individuals are Sameer Hundekar and Deepak Sampath, both residents of Bengaluru, Karnataka. The duo is accused of defrauding victims by enticing them with promises of high profits from fake stock investments.

The case came to light on August 27, 2024, when a Hyderabad resident filed a complaint. The victim reported being added to a WhatsApp group named "Marval Capita," which claimed to offer stock market trading tips. The group, which was also promoted on YouTube, showcased fake profits to lure victims into making investments.

The victim invested ₹2,95,15,510 in the fraudulent scheme, with the money transferred to several bank accounts controlled by the accused. Following the complaint, the Cyber Crime Police registered a case under various sections of the IT Act and other relevant sections of law.

Modus Operandi:

According to the police, the accused, along with the main fraudster Ritesh Soni, who is based in Dubai, opened multiple mule bank accounts. These accounts were used to siphon off the fraudulently obtained money. The accused also set up shell companies, listing mule account holders as proprietors. For each fraudulent transaction, they received a 5% commission.

The police seized several items from the accused, including one laptop, seven mobile phones, 21 debit and credit cards, 18 chequebooks, 15 SIM cards, four shell company stamps, and three QR code scanners.

Under the supervision of ACP Siva Maruthi, the Cyber Crime Police team, led by Inspector M. Seetharamulu, played a key role in apprehending the accused.

Authorities have issued a public warning urging people not to trust unknown individuals offering high returns on stock market investments through platforms like WhatsApp, Telegram, Instagram, and Facebook. They also advised against investing in unauthorized websites promising quick profits on small investments.