The Hyderabad City Cyber Crime Police returned Rs 39 lakhs to a victim who had been defrauded by cybercriminals posing as a stock trader with significant earnings (MSTOCKMAX).
The issue surfaced after a 34-year-old Hyderabadi jobless man complained that he had been defrauded by cybercriminals who had promised him stock trading gains. The scammers forced him to send Rs 78,70,500 to the accused’s bank accounts.
The victim went to the police after learning that he had been defrauded.
The Cyber Crime Police responded by opening an investigation and filing a case under sections 66(C), 66D) of the IT Act as well as sections 319(2), 318(4), 338, 336(3), and 340(2) of the BNS. The complainant was directed to submit a petition in court to have the money held in the bogus accounts returned to their bank account by Inspector K Madhusudhan Rao, PC Venkatesh, and PC Sampath, who also wrote notices to the bank officials requesting that they freeze the fraudulent sum.
Public advisory
-Watch out for fraudulent investment social media groups on Facebook, Instagram, X, WhatsApp, and Telegram that offer large returns at low risk.
-Steer clear of phoney profit screenshots at all costs.
– When investing, only utilise apps that have been certified by SEBI.
-Before making an investment, always consult a financial counsellor registered with SEBI.
-To win the victim’s trust, the scammer may add a modest sum to their account and may even permit a withdrawal.
-If the crime is reported right away, there is a chance that at least some of the lost and “put on hold” money will be refunded.
-Cyberfraud victims can report right away by calling the National Cyber Crime Reporting Portal or by calling the helpline at 1930.
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