Hyderabad cybercrime police bust fake call centre in Chittoor
The accused defrauded trade aspirants under the guise of providing share market trading tips in order to make enormous gains
HYDERABAD: The Cybercrime police in Hyderabad busted a fake call centre in Pileru, Chittor district, Andhra Pradesh, on Wednesday, and arrested five people for scamming many trading aspirants under the guise of providing share market trading tips.
According to the police, the accused Tippannagari Sai Saran Kumar Reddy, Kotholla Mahesh, Reddivari Haribabu Yadav, Korru Ajit, and Madiga Diwakar defrauded nearly 140 members for Rs.1.08 crore.
The police received a complaint on July 11, 2023 from a Hyderabad resident who was cheated for Rs.2,60,000 under the guise of offering share market tips. The accused allegedly directed him to put the money in their bank accounts rather than his Demat account.
The accused defrauded trade aspirants under the guise of providing share market trading tips in order to make enormous gains. Tippannagari Sai Saran Kumar Reddy, the main accused, established a trading advisory firm known as Integear Consultancy Pvt Ltd in Piler, Annamayya District without any SEBI registration or permission from the appropriate authorities, and hired 38 female tele-callers.
The accused obtained the Traders data from online sources, and in accordance with their instructions of A-1 and A-5, the tele-callers contacted the trading aspirants via their mobile numbers and insisted them claiming that their company provides qualified and experienced analysis team, and they would provide huge profits by providing share market tips.
After winning their trust, they even insisted on professional traders managing the candidates' Demat accounts in order to maximise returns. They then directed them to deposit the funds only in their designated bank accounts and not in their own Demat account, claiming that they would trade with the funds in their Demat account.
Victims do not receive refunds after transferring funds into the provided bank accounts. The fraudsters even stop responding to his phone calls after he deposits the money.
A case was registered in Cr. No. 1605/2023 U/s 66 C, D ITA Act & Sec 419, 420 IPC.