Cyberabad police have busted an online trading fraud worth Rs 3.47 crore.
HYDERABAD: Cyberabad cybercrime police arrested four persons in two major online trading frauds in which victims were cheated of over ₹3.47 crore.
In one case, a victim lost ₹2.13 crore in an online trading and crypto investment scam. Police said the victim was contacted via Facebook and later through WhatsApp, where the accused posed as traders and investment advisers. He was guided to invest through a fake trading website and added to a WhatsApp group that displayed fabricated profits, upper‑circuit trades, block trades, and institutional investment claims.
Induced to invest repeatedly, the victim even raised loans to fund investments. When he attempted to withdraw money, his account was blocked and commissions were demanded. Communication was later cut off, prompting him to approach police.
The accused, Devanaboina Anil Sundar Kumar and Bethi Saikrishna, were arrested for allegedly supplying bank accounts to the cybercrime gang and routing funds for commission.
In a separate case, a victim lost ₹1.34 crore after being lured into investing in a fake trading application through a social media advertisement. He was added to a WhatsApp group, where fraudsters purported to train him and encouraged further investments by showing manipulated profits. “The investigation revealed the use of shell firms and multiple bank accounts to layer proceeds of crime,” Cyberabad police said in a press release. Karimajji Srinu and Gandreti Ashok, were arrested for allegedly providing shell company accounts.
Between December 31 and January 15, Cyberabad cybercrime police detected 13 cases and arrested 25 persons across several states. Of these, seven were related to trading fraud, while others included job fraud, smishing, part‑time job fraud, business fraud, and other cyber offences. Police also secured 182 refund orders in 50 cases, amounting to ₹78.77 lakh, from courts during the period.
