Telangana: Five held in trading fraud case
City Cyber Crime Police have apprehended five individuals in connection with a trading fraud case. The police seized Rs 8 lakh, one laptop, and 12 mobile phones from their possession.
Hyderabad: City Cyber Crime Police have apprehended five individuals in connection with a trading fraud case. The police seized Rs 8 lakh, one laptop, and 12 mobile phones from their possession.
The arrests follow a complaint received in November 2023, where the accused lured the victim into investing substantial amounts in stock markets, promising high returns.
Swayam Timaniya (30) of Ahmedabad, Meet Timaniya, Brijesh Patel (35) of Ahmedabad, Harsh Pandya (31), and Shankar Lal (66) of Ahmedabad were arrested, a police statement said on Saturday.
The victim had invested Rs 3,16,34,764 based on the promise of a 30 per cent minimum return through companies like Unity Stocks and online gaming websites. The police registered a case (Cr. No. 2495/2023) and discovered that the fraudulently gained money was being routed through Indian accounts into angadia (Hawala).
Accomplices Swayam Timaniya, Meet Timaniya, Brijesh Patel, Harsh Pandya, and Shankar Lal, arrested in Ahmedabad and GandhiNagar, were assisting the main accused in converting fraudulently obtained money through hawala.
The modus operandi involved convincing Harsh Pandya, who runs Cash Management Services in Fino bank, to receive and deliver money in liquid cash to associates. The funds were then delivered through angadia (Hawala) in Ahmedabad and Gandhinagar. Ronak Tanna, an account supplier, was previously arrested for supplying accounts to fraudsters operating internationally.
