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The Hindu
20-07-2025
- The Hindu
Three held in ₹3.24 crore fake investment app scam
HYDERABAD The Telangana Cyber Security Bureau (TGCSB) has arrested three men from the Santoshnagar area in connection with a ₹3.24 crore online investment scam that lured victims through a fake trading app masquerading as 'Bajaj Financial Securities Limited'. The arrested men have been identified as Md. Raziuddin, 22, a private employee from Riyasath Nagar; Md. Waliullah, 25, a nursing student from Shalibanda and originally from Bihar; and Mohd. Zubair Khan, 34, a computer operator from Muradnagar. All three are accused of facilitating fraudulent financial transactions and laundering the proceeds using cryptocurrency, said the director of the Bureau, Shikha Goel. According to the officer, the racket came to light after a Hyderabad-based complainant reported being duped by a WhatsApp group posing as representatives of the so-called Bajaj Financial Securities. The complainant, tempted by promises of assured returns through block trading and IPOs, invested ₹3.24 crore between 30 May and 9 July. He was able to withdraw only ₹5 lakh on one occasion. When a subsequent withdrawal attempt failed, he was told to pay an additional 15 percent to access his funds, a red flag that prompted the complaint. Investigators found that ₹10 lakh from the victim's account had been routed to a Bandhan Bank account, which was then partly transferred to a Yes Bank account held by Waliullah. From there, the money was withdrawn using a cheque at the Begumpet branch by Raziuddin, who converted it into USDT cryptocurrency via Binance. Raziuddin reportedly used Telegram channels, suspected to be operated by foreign nationals, to find such money-laundering gigs, earning ₹1.5 lakh per bank account. Waliullah and Zubair were roped in by Raziuddin and helped open multiple bank accounts to route fraudulent proceeds. Zubair is believed to have opened five accounts after receiving ₹95,000 from Raziuddin. The fraudsters' modus operandi involved luring Indian nationals through platforms like Telegram to provide mule accounts for a fee. The arrested trio operated the local ends of the racket, while the masterminds, operating under the names 'Prisha Singh' and 'Purav Jhaveri', are suspected to be based in Cambodia. Efforts are underway to trace their real identities and locations. The mule account used in this case was opened under the name 'Cam Zoom Services' by one Sai Amarnath, a photographer from Old Alwal. Already arrested and currently lodged in Chanchalguda jail, Amarnath is linked to at least 14 other cyber fraud cases across India.
New Indian Express
13-07-2025
- Business
- New Indian Express
Cyber crooks cheat Hyderabad businessman of Rs 3.24 crore
HYDERABAD: A 44-year-old businessman lost Rs 3.24 crore in a cyber fraud after being duped through fake stockbroking apps, WhatsApp groups and false IPO allotments. On May 28, he received a WhatsApp invite from 'Bajaj Financial Securities Limited'. 'Out of curiosity, I joined the group. Admins were Prisha Singh and assistant Purav Jhaver,' the complaint said. They regularly shared market trends and IPO tips. A few days later, they advised him to apply for block trades and IPOs, claiming they'd ensure assured allotments through 'Institutional Investors'. They shared account details of firms claiming them to be regulatory accounts as per their procedures. 'We made the first transaction on May 30, the last on July 9. In total, I credited Rs 3,24,85,000,' the complaint said. Transactions reflected in their app. But on July 8, when he tried withdrawing the amount, the app showed success—but no credit appeared. 'When I contacted support via WhatsApp, they demanded 15% of the app amount,' he said. Based on the complaint, the Telangana Cyber Security Bureau (TGCSB) registered a case against Prisha Singh, Purav Jhaver, the Bajaj Financial Securities finance team and others under 66D of the IT Act and BNS Sections 318(4), 319(2), and 338. Investigation is underway.
Time of India
10-07-2025
- Business
- Time of India
Two cyber fraud cases of Rs 3 crore detected, 2 gang members held
Representative image The Navi Mumbai cyber police team have detected two cyber fraud cases by arresting two members of the cyber criminal gang operating from Rajasthan, wherein the two complainants were duped of collectively Rs 3 crore using the modus operandi of assuring high returns in online share market trading. While, the police is searching for other members of the gang. ACP (crime) Ajay Landge informed that, the cyber police team have arrested an accused identified as Tushar Salunkhe (31) from Pune on July 2 and another accused identified as Mukesh Kumar (34) from Mumbai on July 7. They have been arrested in two cyber fraud cases. In one case the complainant man residing in Nerul was duped of Rs 2.21 crore in share market trading scam wherein the fraudsters posing as representatives of Bajaj Financial Securities Limited and UPSTOX had made the complainant to invest in online shares trading by assuring high returns. They had sent him forged document of with the company's logo to gain the complainant's trust and made him transfer investment amount to different bank accounts between April 16 and June 3. The complainant was made to download the Apps-'BSFLMAX' and 'UPINSTITON', where the complainant could virtually see his returns on investment. When the complainant attempted to withdraw his profit and realized been cheated, an FIR was registered for cheating, forgery under BNS sections and Information Technology Act. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Leuna: GEERS sucht 700 Testhörer für Hörgeräte ohne Zuzahlung GEERS Undo ACP Landge said, "In second case, the complainant woman was duped of Rs 78.63 lakhs in shares trading scam between April 10 and May 18 using the same modus operandi. The two accused were traced after obtaining details of the bank accounts where the complainants were made to transfer the investment amount and also by tracking their mobile tower location." Vishal Patil, police inspector of cyber police station said, "The accused Tushar Salunkhe had provided his bank account details for making the complainant transfer the investment amount. While, the accused Mukesh Kumar was the mediator (handler) who had transferred the investment amount of the complainants to the bank account of the key accused cyber soon after the FIRs were registered, we had communicated with the banks where the complainants were made to transfer money by the fraudsters and succeeded in freezing a total of Rs 46 lakhs. "
