Hyderabad: Three people arrested in cyber fraud; scam worth Rs 2 crore exposed

Hyderabad: Telangana cybercrime unit has arrested three people in different cases for cyber fraud totalling Rs 2 crore, reports said.

The accused are identified as Devesh Rastogi, Jitendra Agarwal and Vineet Chadha. Rastogi and Agarwal, from Ghaziabad, are accused of insurance of fraud worth Rs 4.3 lakh while Chadha is accused of an online trading scam.

Rastogi and Agarwal reportedly duped a 58-year-old man from Hyderabad. They called him posing as official from Integrated Grievance Management Systems (IGMS) department and promised him reimbursement of over Rs 63 lakh from various insurance companies.

The man was asked to pay a fake ‘processing fee’ of five percent amounting to Rs 3.17 lakh. Believing the claims, the man made the payment to the bank accounts provided by the accused. They are said to be a part of a larger cybercrime network and offered high returns to unsuspecting investors. The police seized three cheque books from them.

Vineet Chadha from Haryana, defrauded a 62-year-old in an online trading scam. The victim who came across an online trading advertisement, was directed to a trading platform on a fake website. The man downloaded the app and made a large investment on the advise of the scammer. As profits began growing, he increased his investment up to Rs 2 crore. Chadha began demanding additional taxes when the man intended to withdraw his investments. The money was reportedly diverted to shell companies.

A laptop, mobile phones and a chequebook was recovered from the accused.

Three senior citizens duped in digital arrest scams:

Three other senior citizens were scammed in digital arrest scams and three of them lost a total of Rs 48 lakh, TOI reported. Three different cases have been registered in Cyberabad, Siddipet, Hanmakonda. Scammers posing as police threatened the victims to arrest them in false cases.