Three Bengaluru natives held for cheating in Hyderabad

The arrested persons were identified as a consultant, Ashok Kumar Arumugam, a company secretary, K.Sanjeev Kumar and a bank manager, Asim Akthar

Hyderabad: The Rachakonda Cybercrime police on Saturday caught three persons from Bengaluru on charges of creating and registering fake companies and cheating people. The police seized computers, stamps of fake companies, mobile phones and have frozen their accounts to the tune of Rs 3.50 crore in several banks.

The arrested persons were identified as a consultant, Ashok Kumar Arumugam, a company secretary, K.Sanjeev Kumar and a bank manager, Asim Akthar.

Ashok joined in an instant online loan providing finance firm at Bengaluru last year and was subsequently made the company’s local in-charge by its international representative from Hong Kong named as Scott Wang. They recruited employees for recovery of online loans from the borrowers.

Rachakonda Police Commissioner Mahesh Bhagwat said Ashok along with his associates tied-up with Scott Wang and started freelancing to register new companies with ROC (Registrar Of Companies) to open bank accounts in the name of various companies. They registered 15 such fake companies.

“After opening bank accounts, using their ties with various online payment gateways, they provide assistance for online transactions and get deposited to company’s bank accounts,” Bhagwat said adding that the bank accounts’ online accesses were handed over to Scott Wang.

Scott Wang further developed the WinBiz app, a fake trading app, and cheated the gullible. They had cheated a woman from the city to the tune of Rs 20 lakh through the fake trading app and based on her complaint, the police booked a case and with the help of technical clues traced them to Bengaluru and made the arrests.

The Sleuths of @CyberCrimeRck #Arrested Three Fraudsters at #Bengaluru who are masters in Creating & Registering #Fake Companies & Assisting in making fake #OnlineTradingApps cheating people through #Fraudulent Transactions.@TelanganaDGP @TelanganaCOPs @hydcitypolice pic.twitter.com/8vF7lSAUeF

— Rachakonda Police (@RachakondaCop) April 10, 2021

---

Now you can get handpicked stories from Telangana Today on Telegram everyday. Click the link to subscribe.

Click to follow Telangana Today Facebook page and Twitter .

---