Cyberabad police arrest four from Indore for cheating new investors
Srinath Vudali | TNN | Jan 5, 2019, 20:07 IST
Representative imageHYDERABAD: The Cyberabad police on Saturday arrested four persons from Indore in Madhya Pradesh, who were into the business of giving trade tips to customers new to stock market trading, by assuring of helping them earn huge profits. The accused have cheated the victims to the tune of Rs 3.63 crore until now and this money was frozen in their bank accounts.
Cyberabad police said that since July they had received four different complaints wherein the victims claimed to had received telephone calls and the callers introduced themselves representing different firms.
On January 1, retired professor Dr A Ramachandra Aryasri, a resident of Gandipet, had lodged a complaint that in the past he received calls from telecallers of Trade Bizz Research Firm, Indore, who requested him to do online share trading and he was assured that they would help the professor learn the techniques to make profits in a short time. The professor paid Rs 2 lakh and did not get any money in return.
Similarly, Bachupally resident N Manohar in the month of December 2017, received call from www.ways2capital.com. "Initially they provided a few tips free of cost. Believing the above trading tips, Manohar registered himself with the company by paying registration fee, later monthly fees and other fees to the tune of Rs 5.57 lakh. After receiving the money they did not provide any services as promised and stopped responding to victim's calls and thereby cheated him," Cyberabad police Commissioner VC Sajjanar said in a press conference.
During the investigation, based on the telephone numbers from which the victims received the complaints, cyber crime sleuths of Cyberabad went to Indore and nabbed Highbrow Market Research Investments Advisers Pvt Ltd promoter and ex-director Swapnil Prajapati, The Equicom Financial Research Pvt Ltd director Akhilesh Raghuwanshi, Trade Bizz Research proprietor Santosh Singh Parihar and Safal Research Proprietor Sagar Sahu.
Cyberabad police said that since July they had received four different complaints wherein the victims claimed to had received telephone calls and the callers introduced themselves representing different firms.
On January 1, retired professor Dr A Ramachandra Aryasri, a resident of Gandipet, had lodged a complaint that in the past he received calls from telecallers of Trade Bizz Research Firm, Indore, who requested him to do online share trading and he was assured that they would help the professor learn the techniques to make profits in a short time. The professor paid Rs 2 lakh and did not get any money in return.
Similarly, Bachupally resident N Manohar in the month of December 2017, received call from www.ways2capital.com. "Initially they provided a few tips free of cost. Believing the above trading tips, Manohar registered himself with the company by paying registration fee, later monthly fees and other fees to the tune of Rs 5.57 lakh. After receiving the money they did not provide any services as promised and stopped responding to victim's calls and thereby cheated him," Cyberabad police Commissioner VC Sajjanar said in a press conference.
During the investigation, based on the telephone numbers from which the victims received the complaints, cyber crime sleuths of Cyberabad went to Indore and nabbed Highbrow Market Research Investments Advisers Pvt Ltd promoter and ex-director Swapnil Prajapati, The Equicom Financial Research Pvt Ltd director Akhilesh Raghuwanshi, Trade Bizz Research proprietor Santosh Singh Parihar and Safal Research Proprietor Sagar Sahu.
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