Hyderabad cyber crime police apprehend suspect from Maharashtra for Rs. 2.43 crore investment fraud

Hyderabad: Hyderabad cyber crime police have apprehended a man from Maharashtra for his alleged involvement in defrauding a Hyderabad resident of more than Rs. 2 crore. The arrested individual is a 22-year-old from Navi Mumbai who is a suspect in an investment fraud of nearly Rs 2.43 crore.

The police said the scammers contacted the 56-year-old victim from Hyderabad and lured him into downloading the Samco Securities application and IIFL application from social media. The victim then logged into the applications and invested the money.

The fraudsters provided different bank accounts to the victim in which he started making small investments. The application showed him some profit every day. They also told the victim that the profits shown in the application wallet could be withdrawn into his personal bank account which would take one to three business days.

Believing it to be genuine and after being persuaded by the fraudsters, the victim deposited a total of Rs 2,43,95,000 in multiple transactions. He later realised that the scammers had prevented him from making withdrawals.

Subsequently, the victim approached the cybercrime police to file a complaint. A case was registered and during the investigation the cybercrime police apprehended Rashmit Rajendra Patil, a private employee from Navi Mumbai. Patil was found to be an account supplier in the investment fraud case.

The operation was led by Inspector P Pramod Kumar along with SI Sheik Azeez, and comprising PC’s M Prashuram, E Vijay Kumar, K Ashwin Kumar, Ch Venugopal, C Srinivas and P Ramanjaneya Prasad.