Hyderabad cops bust investment fraud racket, arrest two
Hyderabad: The Balanagar Special Operations Team along with the Petbasheerabad police nabbed two persons on charges of cheating people to the tune of crores in the guise of making them invest in a fake ‘Second Channel’ bank here on Wednesday. Police recovered Rs.1.3 crore, two cars and other material, all together worth Rs.1.70 crore. The […]
Hyderabad: The Balanagar Special Operations Team along with the Petbasheerabad police nabbed two persons on charges of cheating people to the tune of crores in the guise of making them invest in a fake ‘Second Channel’ bank here on Wednesday. Police recovered Rs.1.3 crore, two cars and other material, all together worth Rs.1.70 crore.
The arrested persons were Priyaranjan Nayak alias Ajay Pal Singh (33) a loan agent from Dammaiguda and K.Prem Kishore (48) from Dammaiguda. The absconding persons are D.Sathyanarayana (53) from Karnataka, Vishal G. Sakpal and Sushanth Prem Das Gaurav.
According to the police, the suspects approached people in the guise of promoting the secret banking channel termed as ‘Second Channel’, which is a bank account hidden from all bank employees except a few high-level executives.
“For the second channel bank account transaction, there must be a sender account and receiver account. The suspects promised the victims that they had nearly Rs.1, 000 crore in the account, and in order to transfer the amount, they had to book a slot for Rs.18 lakh and the slot time would be allotted for transaction,” said Balanagar DCP P.V.Padmaja.
The victims were promised good Trade Profit Funds. The suspects, pretending that the money paid for processing charges was rejected, made them pay money multiple times for transactions and thus collected several crores of rupees from various States.
Following a complaint by a victim at Petbasheerabad police, a case was booked and the suspects arrested. The Cyberabad police requested citizens to inform them about suspicious persons or gangs or firms related with fake schemes on Dial-100 or Cyberabad WhatsApp No. 9490617444.
