Cyber fraudsters swindle Rs 2.7 crore using ‘investment bait’ in Cyberabad

Hyderabad: In less than six months this year, cyber fraudsters have swindled Rs 2.7 crore in the Cyberabad Police limits alone, using a bait for which most people fall — investment. Investment frauds, which cash on the greed of people and lure them with lucrative offers, saw about 50 cases pertaining to various types of investment frauds being booked by the Cyberabad Police this year.

Businessmen and techies topped the list of victims, who were targeted by illiterate young gangs operating from Bihar, Uttar Pradesh and Bengaluru. According to Cybercrime officials, it was observed that in all investment frauds, fraudsters banked on the greed in people, mostly youngsters, IT professionals, homemakers, the elderly and teenagers, who fell for the lure of easy and quick money.

“They send messages to the victim’s phone with links of various attractive investment schemes, promising quick and high returns. Once the money is collected, they go absconding,” Cyberabad Cybercrime Cell ACP G Sridhar said. Fraudsters also approach people with a few popular investment schemes, which include investments in reputed companies offering 10-20 per cent high returns, investments on real estate, bitcoins and the share market.

“They call the targeted people with offers to invest in franchises of reputed firms or on gold stocks. They virtually show them profits and collect investments ranging from a few thousand to crores. They collect money and then switch off phones,” he said. Sources said the investigation into recent cases showed a trend that had fraudsters targeting people who recently got jobs since they would be looking at investments to save their hard-earned money.

The Cyberabad Police is taking petitions from the public at all local police stations and filing criminal cases and investigating. Citizens can report all sorts of cyber frauds online at cybercrimes.gov.in (National Cyber Crimes Reporting Portal – NCRP) for quick legal action and also block the flow of money to the fraudsters after the fraud. Cybercrime can also be reported to the Cyberabad Cybercrime Police on 9490617310 or Cyberabad WhatsApp No: 9490617444 or Dial-100 or 1930 (Within 24 hrs).

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