Hyderabad: The cyber crime police arrested one on charges of providing several bank accounts operating fraudulent transactions and colluding with cyber fraudsters.
Prime accused Shabi and his associate Nishanth conspired with cybercriminals operating out of foreign nations, such as Dubai, Hong Kong, and China, among others, to defraud the public under the guise of engaging in institutional trading to receive enormous returns.
Shabi provided nine bank accounts to defraud innocent individuals.
A Chikkadpally resident filed a police complaint alleging that he was tricked into sending over Rs 18.60 lakhs to their bank accounts under the guise of institutional trading to earn enormous profits.
A case was registered under 173/2024 U/sec 66(C), (D) ITA Act-2008 and 419, 420 Indian Penal Code.
