Hyderabad: The Hyderabad cybercrime police arrested two people hailing from Maharashtra’s Pune district, in connection with an investment fraud.
The two accused – 26-year-old Reynold Vincent Cyril and 27-year-old Manish Dinesh Sonawane – are involved in 27 cases across India, including one in Telangana.
According to a police statement, the two accused contacted a 40-year-old resident of Hyderabad through Facebook Messenger. They introduced themselves as ‘Keerthi Raghuram’, a software engineer and an investor based in Dubai.
The victim was convinced to invest in stocks through a company called ‘Innobyt IT Solutions’.
The victim was promised 70 percent profits in return. Believing ‘Keerthi Raghuram’, the victim invested a significant amount.
The victim was overjoyed to see his account with a profit of USD 71,281 (Rs 60,80,604). However, the withdrawal option was disabled. The victim found out he was required to pay additional tax and conversion fees.
The victim realised he had lost a total amount of Rs 17,39,000/-.
The matter was reported to the Hyderabad cybercrime team, who arrested Reynold and Manish.
Modus Operandi of cybercriminals
The Hyderabad cybercrime team has released the modus operandi. Citizens should beware and report immediately if they are being duped.
- Social media platforms, Telegram app, WhatsApp calls and Messages.
- Offers of double or triple profits in a short time through stock market trading.
- They are displaying huge returns in their application initially.
- Allowing withdrawals to a certain extent builds trust.
- Proposing investments with promises of substantial profits.
- Showing virtual profits to lure victims into investing more.
- Blocking withdrawals once larger amounts are invested.
Avoid getting cyber-scammed by following simple rules
- The Hyderabad cybercrime team has also issued an advisory for the public interest. Here are a few important points to remember and avoid getting duped.
- Be cautious of online stock trading suggestions & investment frauds and offers like – huge returns in the short term, multi-bagger stock suggestions, investment in IPOs and Mutual Funds.
- Verify properly before accepting such offers and sharing your financial or personal details.
- Scammers approach victims through various social media platforms,ie, Telegram, WhatsApp, X, Instagram, and Facebook by advertising Fake investment apps/websites.
- Such schemes are fraudulent and do not have SEBI’s endorsement. Fraudsters are using simple tactics to lure gullible investors with promises of high returns and Fake profit screenshots.
- Nowadays, fraudsters are showing fake SEBI certification documents to mislead the innocent victims. Be cautious, verify thoroughly and think before you invest.
- Don’t be greedy.
Follow on Twitter | Posted by Veena Nair | 
