Two arrested for duping investor to tune of Rs 57.37 lakh in name of Goldman Sachs

HYDERABAD: Cybercrime police, Hyderabad city arrested two persons Tamanam Surendra, and D. Naresh Babu for allegedly cheating an investor promising high returns on Trading.

The victim was contacted on WhatsApp and was added to the WhatsApp group of Goldman (India) Sachs Securities Investment Management Ltd. The victim believed the group and clicked on the link.

He downloaded the app and invested an amount in online trading. He believed it to be a genuine group and registered on their website. Initially, they suggested investing a smaller amount and receiving profit. The fraudsters convinced him to pay a huge amount to receive higher returns.

He believed them to invested a total amount of Rs. 57,37,536 and lost everything. Police registered a case and investigated the blue-collar crime.

Modus operandi

The accused Tamanam Surendra and Damacharla met Raj Takur of New Delhi, Jagadesh of Nellore, and Bharath Dasineni also of Nellore on the Telegram App and supplied accounts to them on 1.5 percent commission per every one lakh transaction.

The accused persons supplied eight accounts to the fraudsters, and within three months the transaction amount crossed Rs 5 crore. As per NCRP data 83 cases registered all over India against the accounts supplied by them. Police also seized a Lenovo Laptop and three mobile phones.

Advisory

Police cautioned the public not to believe unknown persons introduced on social media platforms like Telegram, WhatsApp, Instagram, and Facebook. Police asked people not to invest in the stock market through unauthorised websites that promise windfall gains.