Hyderabad: The Hyderabad Police on Wednesday said it has busted a fake Call center in neighboring Andhra Pradesh and arrested five persons for allegedly cheating many aspiring stock traders on the pretext of providing share market tips.
Based on the investigation so far it was revealed that the accused have cheated about 140 members to the tune of Rs 1.08 crore, a release from Hyderabad Police said.
A city resident lodged a complaint at the Cyber Crime Police Station of Hyderabad Police on July 11, stating that some fraudsters cheated him of Rs 2.6 lakh on the pretext of providing share market tips and insisted he deposit money in the bank accounts provided by them instead of his Demat account, it said.
Advertisements
After depositing the money, the fraudsters stopped responding to his phone calls, the complainant said. Following the complaint, a case was registered.
On the modus operandi of the fraudsters, police said the accused established one Trading Advisory company without having any SEBI registration, and also without obtaining any permission from appropriate authorities they appointed 38 women tele-callers.
The accused purchased traders’ data from online sources. As per their instructions, the tele-callers contacted the aspiring stock traders through their mobile numbers and said their company has a qualified and experience analysis team and they will provide huge profits by giving share market tips, police said. The tele-callers informed the stock traders that their Demat account will be operated by professional traders.
Advertisements
They then asked them to deposit money in bank accounts provided by them instead of a Demat account. Later, they did not respond to their calls whenever they asked for a refund, police said.
Next Story:
-
BRS Leaders Held Protest Over CM Revanth’s Comments On BRS Women Leaders
BRS leaders staged protest condemning the objectionable comments made by Chief Minister A Revanth Reddy against senior women BRS leaders P Sabitha Indra Reddy and V Sunitha Lakshma Reddy.
-
Strict Action Against People Who Collect Parking Fees Against Rules: GHMC Commissioner
GHMC Commissioner Amrapali Kata said that action has been taken against the malls and multiplexes that are charging parking fees contrary to the rules within the GHMC.
-
Osmania University Rescheduled Telangana SET
Osmania University on Thursday rescheduled the Telangana State Eligibility Test (TG SET), which will now be conducted from September 10 to 13.
-
Heavy Rains Warning In Telangana
The Indian Meteorological Department, (IMD) Hyderabad Center has warned that heavy rains will occur in many districts of Telangana state.
-
Four People Involved In Dacoity Offence Arrested
Maidardevpally and CCS Rajendra Nagar teams proceeded and apprehended the four offenders at Sasthripuram at Sasthripuram namely 1. Aqeel, 2. Adnan, 3. Mohd Saif, 4. Moshin
Now you can get the latest stories from Hydnow every day. Click the link to subscribe. Click to follow Hydnow’s Facebook page and Twitter and Instagram