Khammam police arrest four in Rs 2.73 crore online investment fraud

Khanapuram Haveli police in Khammam arrested four persons for defrauding investors of Rs 2.73 crore through online multi-level marketing platforms such as BotBro, Minecrypto, and YFX. Investigations revealed Dubai-based Lavish Chaudhary as the mastermind behind the fraudulent network.

Khammam: Khanapuram Haveli police in Khammam city have arrested four persons for defrauding gullible investors of Rs 2.73 crore on the pretext of online investments.

ACP (Town) SV Ramanamurthy informed the media on Saturday that the arrests were made in connection with a massive fraud involving multi-level marketing platforms such as BotBro (BOTALFA), Minecrypto, YFX (Yorker FX), QFX, and BITNOVA, through which large sums of money were collected from innocent people.

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BotBro Company and its agents defrauded hundreds of investors by promising guaranteed monthly profits. The accused Bhukya Sridhar Naik, Tejavath Upender, Neelakantham Siddhu, Vankudoth Suresh from different places in Khammam district were arrested on Friday under the provisions of the Chit Funds, Financial Establishment and Depositors Act and IT Act 2008.

During the investigation, it was revealed that Lavish Chaudhary alias Nawab Ali, operating from Dubai, was the mastermind behind this fraudulent network. The accused collected money through unregulated deposit schemes, promising monthly returns of 9 to 10 percent.

The arrested accused purchased properties in the names of their family members with the money they obtained. The accused frequently changed names and platforms in collaboration with masterminds based in Dubai. The process of attaching those properties is underway.

The other accused in the case Lavish Chaudhary-Botbro founder, Gajendra Singh, Deepak Yadav, Prince Gupta and Sandeep Narwal of Delhi, Yash Dev Shaini of Moradabad, Uttar Pradesh, Pramod Maurya, Vikas Maurya and Vivek Patan of Punjab are absconding, the ACP said.

The public should be vigilant and to thoroughly verify the credibility of the schemes before investing in them. People should inform the police if they have any information about fraudulent investment schemes. CP Sunil Dutt said.