Four arrested in Rs 3 crore online investment fraud in Hyderabad
The accused have been identified as Srinivas Manubothula, a software consultant from Narsingi, Rangareddy, Syed Yousuf, a real estate agent from Aghapura, Chekka Yeshaya alias Shekar from Banjara Hills, and Mohammed Jaber Ahmed, a businessman from Mehdipatnam.
According to the police, the victim, a resident of North Lalaguda, lodged a complaint on June 28 alleging that on April 14, a woman named Anu Pritha Daga, posing as an assistant mentor to one Ajay Garg, purported to be the CEO of SMC Global Securities Ltd, invited him to join an online investment group via WhatsApp.
On May 29, Daga persuaded the complainant to invest in the group through a website link she shared. Claiming they provided SEBI-approved trading and cash management services, she convinced him to invest in the Initial Public Offering (IPO) of a fictitious company, 'Influx Health Tech Ltd'.
The complainant was allegedly allotted shares worth Rs 49 crore without his consent. When he raised objections, the fraudsters agreed to reduce the allotment and requested Rs 3 crore, which he transferred across 16 bank accounts.
Initially, he was allowed to withdraw Rs 10,000 to build trust. However, he was later told his account had gone into a negative balance due to non-payment for the Rs 49 crore worth of shares. When they demanded more money, he realised he had been tricked.
Srinivas had started a drone software company in 2023 and opened a current account in the name of 'Drones Spray'. Facing financial losses, he was introduced to others who wanted to use accounts for 'investments'. In exchange, he was promised a 10% commission on the deposited amount.
Syed Yousuf and his accomplice allegedly travelled to Mumbai with the SIM card linked to Srinivas' bank account. Fraudsters transferred Rs 4.3 crore into the account, which was then distributed across various accounts via net banking.
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