Hyderabad, April 1 (Maxim News): The Hyderabad Cybercrime Unit arrested a man from Uttar Pradesh in connection with the stock trading fraud wherein, a 32 year-old private employee from the city was cheated to the tune of Rs. 14.6 lakh by promising good returns in stock market trading.
The arrested person, Shiva Shankar (27), is a data entry operator from Noida in Uttar Pradesh. He is involved in two cases across India, including one in Telangana.
According to the police, Shiva Shankar along with his associates, sent bulk messages to people on social media platforms offering triple the profits in a short time for investments in stock market trading.
“Initially, they show huge returns in their stock market trading mobile application and also allow partial withdrawal. Showing virtual profits, they lure the victims into investing more. Once the investment is done, they block the withdrawal option and cheat, said a Cybercrime official.
The 35 year-old victim, who fell to their promises, transferred the amount to the bank accounts provided by the scammers who claimed that his investments were in bulk stocks and IPOs, which would yield a huge profit of at least 20 per cent on his invested capital
However, when he tried to withdraw his profits, they demanded that he deposit an additional amount. At this point, he realized it was a scam and demanded a refund. He attempted to contact them via phone and messages, but they did not respond.
Based on his complaint, the Cybercrime police booked a case and with the help of technical evidence, identified and nabbed him.
Victims of cybercrime can get immediate help by dial 1930 or visiting cybercrime.gov.in (Maxim News)
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