2 Gujarati Men Detained for Engaging in a Stock Trading Scam
Two Gujarati Men Arrested for Involvement in Stock Trading Scam
Hyderabad, Telangana: Two Gujarati people have been arrested by the Hyderabad Cyber Crime police in relation to a stock trading fraud case. As part of an inquiry into a scam that allegedly cheated a victim of over ₹67 lakh, the arrests were made.
Mehulbhai Devrajbhai Ramani, 37, was recognized by police as an account supplier, and Gondaliya Hardik Kumar Mukeshbhai, 26, was identified as an account holder. The culprit was found to have ₹1 lakh in net cash.
The victim, a 57-year-old Hyderabad-based private employee, first got WhatsApp messages with stock trading advice, according to police records. He was then immediately added to the “SMC 912” WhatsApp group.
He was instructed to speak with a customer service agent who allegedly handled all fraudulent transactions within this group. The victim deposited a sizeable sum of ₹67,60,049 after believing their statements.
Following the victim’s complaint, the police filed a case in accordance with Sections 111(2)(B), 318(4), 319(2), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita (BNS), as well as Sections 66 C and 66 D of the IT Act.
According to the Cyber Crime police, the accused pretended to be a stock trading consulting service and contacted victims via WhatsApp. Then, on the pretense of trade, they gave victims “mule” bank accounts and tricked them into making deposits. A similar strategy was used to extract money from many unwary people. Following the completion of the transactions, the accused stopped answering the victims’ calls and texts and banned their contacts.
In a public advisory, the Cyber Crime Department cautions individuals against falling for fraudulent investment schemes that promise large returns with little risk and are advertised on social media sites including Facebook, Instagram, WhatsApp, Telegram, and X. They emphasized how crucial it is never to believe screenshots of fabricated profits or promises of enormous returns.
It is recommended that citizens avoid falling for such scams, always utilize SEBI-approved applications for investments, and consult SEBI-registered financial advisors before making any financial commitments.
The police also emphasized how crucial it is to report suspicious transactions right away. If an unauthorized transaction is discovered, a dispute should be brought up right away with the bank.
People are advised to call 1930 or report fraudulent behavior right away using the www.cybercrime.gov.in portal if they are unlucky enough to fall victim to a cybercrime scam.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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