Online gold trading: Rachakonda cops nab two for duping people

Hyderabad: The Rachakonda Cybercrime police on Thursday arrested two persons from Mumbai on charges of duping people in the guise of investing funds in online gold trading. The arrested persons were Mayur Sharad Hadkar (38), director of DIGI Volution Company Private Ltd and G Vinod Sharma (35), an employee of the same firm. Two suspects, […]

Hyderabad: The Rachakonda Cybercrime police on Thursday arrested two persons from Mumbai on charges of duping people in the guise of investing funds in online gold trading.

The arrested persons were Mayur Sharad Hadkar (38), director of DIGI Volution Company Private Ltd and G Vinod Sharma (35), an employee of the same firm. Two suspects, Philip Chan from Singapore and Vijay Chutlani from Mumbai, are absconding.

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According to the police, Philip and Vijay started various companies on the pretext of an online gold trading business. They also registered websites. Initially, they get introduced to the victims through WhatsApp using different names and started chatting about investing the funds in gold and silver trading.

“When the victims showed their interest to invest, they provided user IDs, passwords and links to their websites. Once the victim logged in and purchased the gold coins or bars virtually by depositing the money into their accounts provided in the website, they would show some profits virtually and lure them to invest more. But if the investor tried to withdraw the money, they would not have such an option,” an official said, adding that several people were thus cheated.

Based on a complaint, a case was booked and a special team arrested the two suspects from Mumbai and brought them to Hyderabad on transit warrant. The three bank accounts they used have been debit frozen.

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