Hyderabad: The Cyberabad Cyber Cell on Monday busted a gang of notorious cheaters who used to dupe people on the pretext of investment in the online share market.
The accused have been identified as Chittam Reddy Anand, Bhumi Reddy Avinash, and Tulluri Srinivas, all three from Visakhapatnam, and Nanda Kishore, resident of Narsipatnam.
On investigation, the cybercrime cell found that the alleged team of four had bank accounts in various banks. It was also revealed that they had duped many people using the same investment scheme and promised them strong returns.
According to the cybercrime cell, they collected huge amounts of money using the online share market investment scheme
Accordingly, a case was registered and an investigation was held. During the investigation, a team was formed and the accused persons were apprehended.
The police have seized four mobile phones, one laptop and six ATM cards from the accused.
The police started the investigation after an engineer from the electricity department lodged a complaint saying he was duped by the gang. He reported that on October 10, he clicked on an advertisement of ‘Stemcor Max Hedge’ application, soon after someone contacted him. They asked him to invest in an online trading company and also assured him a return of five per cent of commission every day.
After they convinced him, the complainant gave them a total of Rs 1.5 lakh to invest in the share market.
Initially, the fraudsters gave him some amount as interest to keep his trust. But soon they stopped and became unreachable through any means of communication.
When the complainant learnt that he had been cheated, he registered a complaint at Cyber Crime Cell.