Money doubling racket Chennai

CCB unearths ‘app racket’ that offered to double investments in 24-35 days

The Central Crime Branch of the Chennai City Police has busted a racket involved in cheating potential investors through mobile apps, ‘Power Bank’ and ‘Tesla Power Bank’.

Sources said the scammers had been circulating fictitious online investment applications on social media and mobile messaging platforms. A group of fraudsters was arrested by the Delhi police recently but even after that the racket continued. They also were offering to double the investment amount in 24-35 days. The police mentioned that these scam investment apps offered returns on an hourly and daily basis, and had investment options starting from a few hundreds to several lakhs of rupees.

The police said the fraudsters would not share any bank details of theirs with investors. Instead, they would ask potential victims to credit the investment through mobile wallets. Initially, a small amount would be returned to gain the investors’ confidence. Later, they would get the victims to make huge investments but with no returns.

The CCB has booked a case following complaints from 34 persons, who were conned through the ‘Power Bank’, and three through ‘Tesla Power Bank’ app and took up the investigation. Chennai City Police Commissioner Shankar Jiwal appealed to the public not to download any unknown mobile application and not to invest money in them.


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Printable version | Jul 24, 2021 10:45:52 PM | https://www.thehindu.com/news/cities/chennai/ccb-unearths-online-app-racket-that-offered-to-double-investments-in-a-few-days/article34801169.ece

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