Two suspects in the Rs 8.14 crore stock trading scam were taken into custody by the detectives of the Cyber Crime Police Station (Hqrs), TGCSB.
In a statement released here on Sunday, TGCSB Director Shikha Goel stated that the accused Rahul Dangi and Rahul Bhoi had been taken into custody from Udaipur, Rajasthan, and taken to Hyderabad.
Section 66(D) of the IT Act, along with Sections 318, 319, and 338 BNS r/w 61 BNS, led to the arrest of both of the accused.
Three mobile phones were confiscated by the police from the scammers, who use social media sites like Telegram and WhatsApp to target victims while pretending to be agents of reputable trading companies.
The victim deposited Rs. 75,00,000 to 25 separate bank accounts, and the accused Rahul Dangi currently has an account in the name of M/s Shree Sanwariya Furniture.
There are 32 linkages to the account throughout India. This account has transacted 3.7 crore in total.
Rahul Bhoi, an agent (Account Supplier) and the second accused, gave his partner five more accounts. However, the offenses only used two accounts.
A resident of Banjara Hills, Hyderabad, complained to police on October 21 that he was tricked into joining a WhatsApp group about trading and then convinced to participate in block trades and initial public offerings (IPOs) via a bogus program.
He moved almost Rs. 8.14 crore to accounts connected to the scandal over the course of three months.
The scammers sought more money under false pretenses and altered the application to display fake profits. He informed Cybercrime of the fraud after discovering it.
In this instance, Shravan Kumar was previously taken into custody from Chittaurgarh, Rajasthan.
By disseminating stock recommendations, market trends, and invitations to private trading groups, they entice victims.
After victims sign up, the scammers use online sessions to push phony stock broking apps and explain trading tactics in an effort to gain their trust.
By guaranteeing guaranteed allotments through institutional investor channels, claiming exclusivity and huge profits, they get victims to invest in high-yield schemes including initial public offerings (IPOs) and block trades.
In order to give victims a false sense of security, they are persuaded to transfer money to specific accounts or via a phony software that at first shows profitable transactions and large earnings.
The software shows a mistake or makes extra demands, including regulatory fees, inspection fees, or fines for transaction irregularities, when victims try to withdraw money.
The purpose of these demands is to coerce the victims into paying more money. The scammers cut off contact and the app stops working as soon as the victims refuse or are unable to pay, leaving them with large financial losses. In exchange for a commission, the arrested accused had opened a current bank account and given its login details to third parties for improper use.
According to the announcement, investigations are still underway to identify the complete network responsible for the fraudulent acts.
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