Man held in Hyderabad for investment fraud
Hyderabad: The Rachakonda Police on Friday arrested a man on charges of cheating people in the guise of investments in US dollars. The arrested was identified as P Vamshidhar Reddy (30), a trader from KPHB 7th Phase. Two suspects, Devaraj Reddy and Mohd Subhan, both from Kukatpally, are absconding.
According to the Cybercrime police, the suspects fraudulently collected mobile phone numbers of people and informed them about investing in US dollars through a website “Insta Global Pay” (Trading Website). They promised huge profits on investments. To convince the victims, they also transferred virtual money.
Once they received the money, the trio started calling the investors and lured them to invest more for which they would have to pay less. However, after collecting money, they went absconding. “Vamshidhar Reddy and their accomplices created a fake profile on the Insta Global Pay website (www.instawalletpay.com) and flaunted the fake virtual money, which they used as a medium to lure victims and collect huge amount of money in the name of investments,” said a cyber crime official.
They recently cheated a youngster from Hayathnagar to the tune of Rs 16 lakh in a similar manner. Following a complaint, the police booked a case and with the help of technical evidence, the suspect was arrested from KPHB. He was produced before the court and remanded in judicial custody.
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