Hyderabad: Cyber Crime Police Arrest Key Accused in Multi-Crore Investment Fraud
The Cyber Crime Unit of Hyderabad Police has arrested a crucial suspect in a massive investment fraud case, which has connections to over 88 cases nationwide, including seven in Telangana.
Hyderabad: The Cyber Crime Unit of Hyderabad Police has arrested a crucial suspect in a massive investment fraud case, which has connections to over 88 cases nationwide, including seven in Telangana.
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Items Seized During Arrest
During the arrest, police recovered a significant amount of evidence, including:
- One laptop
- Six mobile phones
- Three bank passbooks
- Six debit cards
- Twenty-six cheque books
- Eight SIM cards
- Five rubber stamps
- Two OTP detectors
- Two UPI QR codes
Accused Identified as Delhi Resident
The accused, identified as Neeraj (31), is a private employee residing in Southwest Delhi. A police statement released on Friday confirmed his arrest.
Modus Operandi of the Investment Scam
Neeraj is believed to be a part of a broader cybercrime network that defrauded individuals across India by luring them into fake investment schemes.
One victim, a 39-year-old Hyderabad resident, was introduced to a suspicious investment app called COSTA WELL GROWN (costata.site) by a friend. Initially, the platform displayed daily virtual profits and assured the victim that returns would be credited after a 6% tax deduction.
Encouraged, the victim invested a total of ₹6,16,918, only to later find that all withdrawal options were blocked, and his funds became inaccessible.
Also Read: Hyderabad Software Engineer Commits Suicide Amid Debt Pressure
Scam Spread Through Social Media
Investigations revealed that fraudsters used WhatsApp, Telegram, and other social media platforms to connect with potential victims. They employed a method of showcasing early profits and allowing small withdrawals to build trust. Once victims committed larger sums, all withdrawals were blocked.
Police Issue Public Warning
The Hyderabad Cyber Crime Police have urged the public to remain vigilant and avoid downloading unverified apps or trusting schemes that promise guaranteed high returns. Citizens are advised to research thoroughly before making any online financial transactions or investments.
