Hyderabad: Police nabs two cyber fraudsters

cybercrime police, Arrest, Hyderabad: The Hyderabad cybercrime police arrested two persons involved in persuading people to purchase stocks from the stock market and subsequently defrauding them of an amount totaling Rs 1.03 crore.

The arrested persons were identified as Bhura Ram, also known as Raju Bhai, a resident of Dubai, UAE, and a native of Jodhpur, Rajasthan, and Ramchandra alias Ganesh Ram, from Jodhpur, Rajasthan.

According to the complaint, the victim from Hyderabad stated that the fraudsters initially contacted him through the Telegram app. They promised to offer tips and guidance on investing in the stock market, claiming to be associated with Motilal Oswal, a stockbroker. They convinced the victim of the potential for significant profits and encouraged him to invest in stocks and the stock market. They persuaded the victim to invest a total of Rs 1,03,25,000 and instructed him to transfer the money into the bank accounts they provided. Following a complaint, a case U/s 66(C) (D) IT Act and Sec 419,420 IPC was registered and investigated.

According to the police, Bhura Ram and Ramchandra colluded with cyber fraudsters. Bhura Ram's role involved collecting bank account details from Ramchandra, for which he received a 5 per cent commission. He then provided these bank account details, along with the registered email IDs and SMS alert numbers, to Berlin, who is currently absconding, in exchange for a 20 per cent commission. In total, Bhura Ram supplied 47 bank accounts to Berlin as part of this fraudulent operation.

The police stated that a total of 507 cases were registered nationwide involving 47 bank accounts. Among these, 67 cases were reported in Telangana alone, resulting in losses of Rs 88.40 lakh, Rs 79.95 lakh, Rs 64.85 lakh, and Rs 64.10 lakh, respectively.

Furthermore, a total of Rs 1.44 crore was frozen in these bank accounts, and Rs 55 lakh has been refunded to the victims through the Court.