In two new cases of stock market trading fraud, the Cyber Crime Police of Hyderabad has arrested four men for conning two Hyderabad citizens of ₹1.16 crore.
In the first case, the police arrested Tamanam Surendra and Damacharla Naresh Babu, residents of Uppal in Hyderabad, who defrauded A. Harish, 39, a businessman from West Marredpally of over ₹57.3 lakh. Interestingly, this is not the only case involving them. As per NCRP data, 83 cases were registered all over India against the accounts supplied by them. The two supplied eight accounts to Raj Takur, a resident of Delhi, Jagadeesh and Bharath Dasineni, both residents of Nellore, all absconding, via the Telegram App. They supplied accounts on 1.5% commission per one lakh transaction. Within three months they transacted an amount of ₹5 crore, the official explained.
The complaint was filed in February, 2024, as per which the victim was added on a WhatsApp group named ‘Goldman Sachs Securities Investment Management Ltd’. Then a link was sent to download an app and start investing. “The fraudsters, after initially suggesting Harish to invest a smaller amount and giving profitable returns, later conned him of his entire investment,” the official explained.
In a similar case, the police arrested Gadila Sai Goud and Shilamkoti Sai Kumar, both residents of Sangareddy. The two conned Vaddireddy Ravindra Natha Reddy, 62, a retired employee and a resident of Balkampet, Hyderabad of ₹ 58. 6 lakh on the pretext of giving tips for stock trading on a WhatsApp group named ‘Sequoia Capital Business School’. The two were doing trading transactions for ‘Binance Crypto Exchange P2’ for Pinku and Sharath at 5% of commission. Both Goud and Kumar have conned public of over ₹13 crore in as many as 45 cases across India, with three cases in Telangana alone.
