Two cybercrooks dupe Hyderabad-based investor of Rs 2.95 cr in trading scam, arrested

Duo had been conspiring with other suspects and duping people by luring them with promises of huge profits from investments in fake stocks

Hyderabad: The Hyderabad Cybercrime unit arrested two persons for their alleged involvement in cheating a city-based investor to the tune of Rs 2.95 crore in a trading fraud scam.

The duo conspired with other suspects and duped victims by luring them with promises of huge profits from investments in fake stocks. The arrested persons are Sameer Hundekar and Deepak Sampath, both from Bengaluru in Karnataka.

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According to the police, the duo, along with absconding prime suspect Ritesh Soni from Dubai, had opened several mule bank accounts. They claimed to offer stock market trading tips and advertised the same on YouTube too.

“Their social media groups showed fake profits from stock investments to lure victims. The complainant invested a total of Rs 2,95,15,510 in these fake stocks, which was then siphoned off into multiple bank accounts controlled by the fraudsters,” a cybercrime official said.

Based on a complaint, a case was registered and the duo was held.

Further investigation revealed that the fraudsters incorporated shell companies, with mule account holders falsely listed as proprietors. They received a 5 per cent commission for each fraudulent transaction processed through these accounts.

Officials seized a laptop, seven mobile phones, 21 debit cards, 15 SIM cards, 18 cheque books and other material from them.