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Duo involved in ₹5.4 crore investment scam arrested

 

The Telangana Cyber Security Bureau (TGCSB) on Saturday arrested two persons involved in a ₹5.4 crore investment scam.  

Rampilra Kondar Rao and his brother Rampilra Chandrasekhar Azad, both directors of Ricky Software Tech Pvt. Ltd were arrested in Vijayawada. They were traced through ₹3.47 crore transaction to a current account operated by the suspects at Cosmos Cooperative Bank, said officials from the TGCSB.

Interestingly, it was found that at least 26 similar complaints were lodged against these bank accounts across the country.  

The arrest was made following a complaint from a victim from Chikkadpally, who reached out to the cyber fraudsters via WhatsApp on June 8. On learning that ‘Goldman Sachs’ is set to release IPO in India, he reached out to one Lydia Sharma in the group and ended up investing ₹5.40 crore between July 24 and July 25 in the hope of clearing the ₹8.5 crore debt on his charitable trust in Kerala.

Mobile phones, SIM cards and company documents have been seized for further investigation.  

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