One from Gujarat held for trading fraud

The fraud came to light after a victim from Hyderabad was cheated to the tune of Rs 87.5 lakh on promise of investments offering huge profits  

Hyderabad: The Hyderabad Cybercrime police uncovered a massive trading fraud linked to cybercriminals operating across India, Nepal, and China and arrested one person, officials said here on Friday.

The fraud came to light after a victim from the city was cheated to the tune of Rs 87.5 lakh on promise of investments offering huge profits.

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According to the police, the suspect Savaliya Ravi (25) from Surat in Gujarat along with his associates from Ahmedabad had opened several mule bank accounts using fake identities and provided the same bank accounts to cyber fraudsters in Nepal and China on commission basis.

“Specifically, in this case, the suspects had opened a bank account in the name of a fake company. The login credentials were shared with cyber fraudsters via Telegram and Rs 21 lakh of the victim’s money was funneled through this account,” said D Kavitha, DCP, Cybercrime, Hyderabad.

The investigation revealed that fraudulent transactions totaling Rs 8 crore had been routed through accounts created and managed by the accused, who was involved in 18 cases across all over India.