Cyberabad Cybercrime Cell nabs gang for online fraud

They were suspected to have duped about 2,500 people to the tune of over Rs 7 crore. Police recovered cash, land documents and other material, worth Rs 58 lakh, from them.

Hyderabad: The Cyberabad Cybercrime Cell nabbed a four-member gang on charges of duping people in the name of online investment here on Monday. They were suspected to have duped about 2,500 people to the tune of over Rs 7 crore. Police recovered cash, land documents and other material, worth Rs 58 lakh, from them.

The arrested persons were Nanda Kishore, Ch Reddy Anand, B Avinash and T Srinivas Rao, all residents of Visakhapatnam.

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According to the police, the gang started a website and mobile app called ‘Stemcor Max Hedge’ and registered a company in the name of Rayees Shoppy Pvt Ltd in Vishakapatnam. Nanda Kishore and his friend G Tulasi Rao were the directors of the company.

“The name and design of the website were made in such a way to appear as a foreign marketing or investment entity to dupe people. For this, they took two virtual numbers from the United Kingdom. This was to mislead people,” Cyberabad Commissioner VC Sajjanar said.

“Customers could invest by choosing investment plans from Rs 10,000 to Rs 1 lakh as per their capacity for which higher returns were promised,” he said, adding that they ran the company for only two months and duped around 2,500 people to the tune of more than Rs 7 crore. They closed the company after getting scared seeing the huge money flow into their bank accounts.
Officials said most of the investors in the company were educated youth.

 

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