The Hyderabad City cyber crime police arrested five persons from Gujarat for their alleged involvement in defrauding people in the name of high returns by investing in the stock market.
A Hyderabad resident, the police said, was made to deposit varying amounts into several bank accounts and was promised a minimum 30% return on the invested amount. In all, the aggrieved woman deposited about ₹3.16 crore.
According to the police, the incident took place November last year when the victim was contacted by one of the accused persons, and insisted on investing in the stock market, promising returns up to 100% on a company by name ‘Unity Stocks’.
They instructed her to invest in gaming websites such as Dafabet, and other platforms like Unity Exchange and T20 IPL. And the invested amounts must be held for six months to gain a minimum 30% return, she was instructed.
In the case, one accused person, Ronak Tanna, who was supplying bank accounts to several fraudsters operating from Dubai, Hong Kong and other countries, was arrested on December 31.
It was also found that the money gained through such channels was routed into Indian accounts via hawala route.
The arrested five persons – Swayam Timaniya, 20, Meet Timaniya, 30, Brijesh Patel, 35, Harsh Pandya, 31, and Shankar Lal, 66 - were assisting main accused Arjun and Yug in converting the fraudulently gained money through hawala, the police said. They were all working on commission basis and were arrested in Ahmedabad and Gandhinagar, in Gujarat.
The police seized ₹8 lakh cash, a laptop and 12 mobile phones from the accused.
