Three arrested for stock trading and investment fraud by Hyderabad cybercrime police

The Hindu

15 hours ago

The cybercrime police of Hyderabad have arrested three people in two separate financial fraud cases involving fake stock trading and investment schemes. The total losses to the victims run into several lakhs, with the accused using social media platforms and unauthorised apps to lure unsuspecting investors.
In the first case, the police arrested two men from Gujarat for their role in a stock trading fraud. The accused have been identified as Mehulbhai Devrajbhai Ramani, 37, a scrap dealer from Surat, and Hardik Kumar Gondaliya, 26, a private employee from Rajkot.
The duo targeted a 57-year-old private employee from Hyderabad by sending him a WhatsApp message with trading tips and directly adding him to a group called 'SMC 912'.
The victim was then directed to consult a 'customer care representative' who guided him through a series of transactions. Believing the scheme to be legitimate, the victim transferred a total of ₹67,60,049 to mule bank accounts under the pretext of stock trading. Once the money was deposited, the accused blocked the victim and stopped all communication.
Police said the same modus operandi was used to target multiple individuals across the country. The accused provided fake trading advice through WhatsApp, collected money into mule accounts, and cut off contact after the fraud was complete. Two mobile phones and ₹1 lakh in cash were recovered from the accused.
In a second case, the police arrested Manish Kumar Sharma, 34, an unemployed man from Delhi, who was wanted in connection with an online investment fraud. He was picked up at the Delhi Airport and is reportedly involved in at least 114 cases across India, including 22 in Telangana.
A 39-year-old man from Hyderabad was directed by a friend to use an app called Costa Well Grown, with a link to an APK file. After installing and logging into the app, the victim made multiple deposits into various bank accounts based on promises of daily profits. Initially, small withdrawals were allowed to build trust. However, after he invested a total of ₹6,16,918, the app blocked further withdrawals.
Police said Sharma played the role of account holder and OTP operator. He used an APK file named 'FORWARD SMS' to intercept messages and control accounts remotely. The accused used Telegram, WhatsApp, and phone calls to reach victims and promised returns of two to three times the original investment. One mobile phone was seized from the accused.
Investigations are underway in both the cases.
Victims of cyber fraud can contact the helpline at 1930 or file complaints at www.cybercrime.gov.in.