Trading fraud busted in Hyderabad

Hyderabad: City Cyber Crime Police arrested two persons identified as Bhura Ram alias Raju Bhai, resident of Dubai, UAE and native of Jodhpur, Rajasthan, Ramchandra alias Ganesh Ram of Jodhpur, Rajasthan State, who cheated the innocent public on the pretext of giving tips to buy stocks from Stock Market to get huge profits.

Police received a complaint from victim of Hyderabad stating that the Cyber fraudsters contacted him through Telegram application by saying that they will provide tips and guidance on how to invest in stock market and get huge profits. They motivated the victim in the name of Motilal Oswal Stockbroker, made him believe and invest in stocks and share market. They lured him to invest Rs 1,03,25,000/- and made him to transfer the money into the bank accounts provided by them. In this regard, a case in Cr. No. 523/2024, U/s 66(C) (D) IT Act & Sec 419,420 IPC was registered and investigated into.

The principal accused Bhura Ram and A3 Ramchandra colluded with Cyber fraudsters and cheated the innocent people on the pretext of providing tips in stock market to get profits. The accused collects the Bank accounts from A3-Ramchandra alias Ganesh Ram for 5% of commission. Further, accused Bhura Ram provides the same accounts along with registered mail ID & SMS alert numbers to one Berlin (absconding) on 20% commission.

The accused Bhura Ram has given a total about 47 Bank accounts to Berlin. In all 47 Bank accounts and total 507 cases were registered all over India in which 67 cases pertain to Telangana State alone i.e. Cr. No.630/2024 (lost amount of Rs 88.40 Lakh of CCPS Cyberabad), Cr. No.592/2024 lost amount of Rs.79.95 Lakh of CCPS, Hyderabad, Cr. No.527/2024 (amount loss of Rs.64.85 Lakh of CCPS, Hyderabad, Cr. No. 369/2024 lost amount of Rs.64.10 Lakhs of CCPS, Rachakonda) Total amount of Rs. 1.44 Crores was frozen in Bank accounts in which Rs.55 Lakhs was refunded to victim through Court. 

Accused 1) Bhura Ram Banewal  @ Raju Bhai, S/o Karana Ram, Age. 25 years Occ: Business   R/o HNo. 107, Dhanawand Residence, New Satwa, Dubai, UAE, N/o Khangarki, Dhani, Khabra Khurd, Jodhpur, Rajasthan-342303. Mr.Bhura Ram used go to Dubai and return to India through Nepal to avoid immigration screening, as LOC was issued against him for detention. Later, he was detained by Land immigration, Sonauli, Uttar Pradesh which is the Nepal border while he was coming back to India from Dubai through Nepal.  

Accused – 2. Ramchandra @ Ganesh Ram, R/o Jodhpur, Rajasthan State who opens Bank account on shell company names and supplies to A1-Bhura Ram on commission basis.

The accused were arrested on April 16, 2024, and sent to judicial remand. Later, the accused were taken into Police Custody for five days and returned on April 25 and sent to judicial remand. The police seized one Mobile Phone, ten Cheque Books, three Pass Books, six Debit Cards, one Passport, five Aadhar Cards, one PAN Card, one United Arab Emirates Resident Identity Card, four Stamp Pads and one Laptop. 

The team headed by Inspector S. Naresh along with team of SIs A. Shailendra, Bhavani, HCs Md. Feroz, Mahesh and PC Ravi Kumar & ARPC Gajeshwar of PS Cyber Crime under the direct supervision of Dara Kavitha, DCP Cyber Crime, R.G Siva Maruthi, ACP, Cyber Crime PS, Hyderabad.

Hyderabad City Police Commissioner Kothakota Sreenivasa Reddy, IPS, cautioned Public not to believe the fraudulent online Trading websites which are not registered with SEBI and also not to invest in unauthorized websites through any other means, which lures in the guise of high returns by investing little amounts by sitting at home.