Hyderabad: Depositors fall for ‘high returns’
Hyderabad: Returns as high as 4.5 times on deposits in 90 days lured people across the country to invest in ‘Shared Bike (BK)’ or ‘Sharing Economy’ operated through a website, www.ciciseo.com. Cyberabad Police Commissioner VC Sajjanar said the fraudsters through different WhatsApp groups across the country shared information on the scheme.
“The schemes offered easy money which attracted many to come forward and participate in the schemes. People initially invested Rs 300 and Rs 3,000 for returns of Rs 1,350 and Rs 13,500 within 90 days. When they started receiving credit in their bank accounts, they felt encouraged to invest upwards of Rs 30,000 as well,” Sajjanar said, adding they then got relatives and friends to invest too, drastically increasing the amount of money that was invested in the scam.
They shared their personal and bank details through a link from ciciseo.com and became members. The payment was made through Razorpay payment gateway. The depositors would pay by clicking a link received on their phone number. This would reflect as virtual balance in their mobile app.
“After amassing huge amounts, the app was shut down in January 2020. Investigation revealed the money paid by depositors was credited to bank accounts of fraudulent Indian companies registered with Razorpay through various Chinese websites,” Sajjanar said.
Cyberabad Police, in coordination with the RBI, ROCs and other concerned agencies will try to elicit more information about Chinese directors and payment receipts pertaining to investments of various China-based firms, apps and also involvement of Indian companies and their directors in the fraud, he said, adding that people could alert the police on such schemes on Dial-100 or the Economic Offences on WhatsApp via 9493625553 or the Cyberabad Control Room on 9490617444.
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