Hyderabad: The Rachakonda Cybercrime police on Sunday arrested nine persons from Madhya Pradesh for cheating people by promising good returns in the share market.
The arrested gang members were identified as Shivshankar Athiya, Abhishek Soni, Abhilash Choudary, Rohit Jain, Bhavesh Baragi, Vinek Pateriya, Athar Hayat, Atul Pateriya and Rahul Soni, all residents of Sagar in Madhya Pradesh.
According to the police, the fraudsters introduced themselves as market developers and executives of top global research companies and contacted people with promise of quick returns on their investments. “They asked the victims to open Demat account with their firm and assured huge returns on their investments,” police said.
Some people who responded to their promises opened Demat accounts and shared the user Ids and passwords for trading. “Initially, they ask customers to invest small amounts starting from Rs 30,000 and promising returns up to Rs 4 lakh in four to six months. However, the victim will not get any returns and get cheated eventually,” officials said.
The gang recently cheated a private employee to the tune of Rs.9.60 lakh in the name of investments. They first collected money after which they stopped responding to his calls.
The Information Cell of the Rachakonda Police collected the bank transaction information and technical evidence and went to Makronia of Sagar district of Madhya Pradesh and arrested the suspects.
The police cautioned people not to believe those making calls in the name of stock trading and promise abnormal profits within short periods. Do not transfer any amount either online or in any other form as they are fake, they warned.