The Rachakonda Cyber Crime police busted a stock trading scam and arrested two persons for allegedly cheating people by promising them profit up to 11 times of their investments.

Police identified the accused as Rahul Kumar (27), hailing from Patna and a resident of Bengaluru, and B. Anantha Surya Chaitanya (26), hailing from Byreddypally in Chittoor, Andhra Pradesh, and also a resident of Bengaluru.

Police acted on a complaint filed by one Sravan Chittireddy.

Rahul floated a company by the name National Stock Research Office and offered the victim five to 11 times the return on his investment within a span of 28 stock trading days, police said.

Claimed tie-ups with NSE

The accused also claimed to have tie-ups with the National Stock Exchange and other organisations.

Rahul and Chaitanya called the victim several times and allegedly convinced him to invest ₹1,81,116 in their ‘firm’.

He transferred the money to their ‘company’ account by Unified Payments Interface apps and cashless links on July 2 and waited till July 16. However, he did not get any response from the accused, after which he called them.

To his dismay, his calls and emails were never answered following which he lodged a complaint.

In due course of the investigation, police arrested the accused on Thursday and seized CPUs, laptops and files pertaining to D-Mat account money transfers, from them.

A cheating case has been booked against the accused and relevant sections of the IT Act invoked. The accused will be produced in court.