National Telangana

Cyberabad police busted investment fraud, three arrested

Hyderabad: The Cyberabad police has busted an investment fraud and arrested three investors for cheating 20,000 investors. Officials said two Chinese were absconding in the case.
Addressing a press meeting, Cyberabad Police Commissioner V. C. Sajjanar said that prime suspect Uday Pratap along with his colleagues with Chinese citizens, floated a company here and collected investment.
Sajjanar said, “They had three attractive investment plans to investors, starting from Rs 300 to Rs 15,000 in higher returns of in 90 days.”

As people were initially reluctant, fraudsters deposited money in the bank accounts of some investors and gained the trust of others. “Gradually people started investing in schemes. The payment was made through the Razorpay Gateway. We have called them to get more information about the financial transactions, ”Sajjanar said, adding the gang was in touch on Skype and WhatsApp.

Officials said further investigations were underway on the exact number of investors and money that had been snatched by them. Efforts are also on to nab the absconding suspects.

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