Telangana News | TGCSB arrests two in Rs 5.4 cr investment scam in Vijayawada

Hyderabad: The Telangana Cyber Security Bureau (TGCSB) have arrested two directors of M/s Ricky Software Tech Private Limited, Rampilla Kondal Rao and his brother Rampilla Chandrasekhar Azad, in connection with a Rs 5.4 crore investment scam in Vijayawada.

The arrests was made on a complaint lodged on July 30, 2024, by a resident of RTC X Road, Chikkadapally, Hyderabad, a police statement here said on Saturday.

The complainant, involved in small-scale trading, reported being duped after joining a WhatsApp group named “B6/Stock Visionaries.

” The group, managed by a person named Lydia Sharma, falsely claimed to offer investment opportunities in upcoming Goldman Sachs IPOs through a fraudulent website, https://goldman-svip.vip.

Convinced by the scam, the complainant invested a total of Rs 5.4 crore between July 10 and July 25, 2024, only to realize the platform was fake when his withdrawal attempts failed. The investigation revealed that 26 similar complaints had been filed against the bank accounts associated with the suspects across India.

The TGCSB warned the public to exercise caution when engaging in online trading and investment opportunities. Citizens are advised to report cybercrimes promptly at cybercrime.gov.in or by dialling 1930, as early reporting increases the chances of recovery and apprehending suspects.