Hyderabad police arrests four in investment fraud case

Hyderabad (Telangana) [India], May 6 : Hyderabad Cyber Crime Police arrested four accused persons, who were cheating innocent people in the guise of investment and providing bank accounts to the cyber fraudsters to defraud the people.
The accused have been identified as Krishan Dhaka, Manoj Kumar, Ashutosh Raj and Munish Bansal.
A complaint was received from the victim, who was a resident of Hyderabad, stating that the cyber fraudsters contacted him through WhatsApp message, introduced themselves as they are from a company and described themselves as hiring some people for trading, creating a trading account for him and then adding him to the WhatsApp group (ADITYA STOCK SHARING VIP).
They made him install an application called PT-VC in the Google Play Store. He was told to purchase the IPO stocks that were going to be listed. He used to deposit in those accounts provided by them and he was told to keep hold of those stocks for 30 days to earn good profits. Till now, he has invested a total of Rs 1,08,15,047 in different bank accounts. In this regard, the Cyber Crime Police, Hyderabad, registered a case under Cr. No. 480/2024, U/S 66(C), (D) IT Act, & Sec. 419,420 IPC and investigated it. There are more cases registered at different police stations in Telangana State.
The accused, Ashutosh Raj, who is an ex-employee ofa bank, used to help Krishan Dhaka and Manoj Kumar open fake current bank accounts in different banks through his known bank officials. Munish Bansal, along with his friends Gourav Chowdary and Giridhar, used to open fake current bank accounts in different banks, collude with cyber fraudsters and supply many fake bank accounts to cyber fraudsters who stay in foreign countries and cheat innocent people by investing funds with an international investment under the name of ADITYA STOCK SHARING VIP.
Initially, the cyber fraudsters used to give smaller amounts as profit to make them believe. Then, they insisted the victims invest huge amounts and then they stopped responding to them. Till date, the complainant has transferred total amount of Rs.1,08,15,047/-. 1,08,15,047/-. The amount POH in NCRP portal is Rs.28,94,134/-.
Initially, the amount was transferred into one beneficiary bank account. On analysing the bank account, it was technically identified that there were 24 more fake shell company bank accounts in which a total amount of Rs. 22,24,00,000 was credited/defrauded. On those Bank accounts, a total 171 cases were registered all over India, of which 11 cases were registered in Telangana State, in which Hyderabad City has 4 cases and the defrauded amount is 1.43 crore, Cyberabad has 4 cases, Rachakonda has 1 case, and the remaining 2 cases pertain to other districts of Telangana.