Hyderabad: The cybercrime unit of the Hyderabad police on Saturday, August 24, arrested two persons accused of trading fraud worth Rs 60,88,730.
The accused were identified as Kanani Nikunj Kishorebhai, a chartered accountant and Pravinbhai Kalubhai Vasoya; both natives of Gujarat.
The arrest was made based on a complaint from a senior citizen from, Begumpet.
According to the complaint, the two accused contacted the senior citizen through WhatsApp offering a trading option “Motilal Oswal Securities”. They convinced the victim to install an app via Telegram and instructed him to recharge the account in order to begin trading.
Initially, Kishore and Pravin would show the victim the profits he had made, thus convincing him to increase the investment for higher profits. The victim was also asked to participate in institutional investment for IPO trading.
Moreover, the victim was told that his account would be frozen if he failed to make the payments.
The victim realised he was duped after the two accused stopped interacting with him. He also found out the numbers provided by Kishore and Pravin were fake.
Police seized five mobiles, 18 debit cards, cash worth Rs 27,20,000, nine passbooks, 226 chequebooks, six sim cards and 15 fake ID cards.
The accused were booked under sections 66(C) (D) of the IT Act and 419, 420, 467, 468,471 of the Indian Penal Code.
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