Tips for stock market investment: Two arrested for cheating investor for Rs 58.66 lakh

HYDERABAD: Hyderabad Cyber Crime Police arrested two persons named Gadila Sai Goud and Shilamkoti Sai Kumar both residents of Sangareddy for cheating innocent public on the pretext of giving tips to buy stocks from the stock market to get huge Profits.

Cyber fraudsters contacted the victim from Balkampet, Hyderabad through Instagram and Telegram applications promising to provide tips and guidelines on how to invest in the stock market. They introduced themselves as Sequoia Capital Business School and lured him for an investment of Rs. 58, 66,000 and made him transfer the money into the bank accounts.

After the victim realised that he was cheated, Cyber Crime Police, Hyderabad registered a case and investigated the case.

The police found out that the accused colluded with Cyber fraudsters and cheated innocent people in the name of the stock market and cryptocurrency. Initially, the accused persons by name Pinku and Sharath colluded with the remaining accused persons and promised to pay an additional five percent of the commission if accepted to do transactions of trading of Binance Crypto Exchange P2 on every USDT, whereas they used to receive in Indian rupees and get some profits. Similarly, all the accused committed fraud about Rs. 13 Crore, for which as many as 45 cases were registered all over India, of which three cases were registered in Telangana State.

A team headed by inspector of police S. Naresh along with a team of sub-inspectors consisting of K. Bhavani and A. Shailendra, under the direct supervision of Sri. R.G Siva Maruthi, ACP, Cyber Crime PS, Hyderabad cracked the case.

Police cautioned the public, not to believe the fraudulent online crypto exchange or trading websites that were not registered with SEBI and also not to invest in unauthorised websites through any other means, which lure on the guise of high returns by investing little amounts by sitting at home.