Hyderabad: Cyberabad Cybercrime Police arrested two individuals from Aurangabad, Maharashtra, on Wednesday for allegedly defrauding a software engineer of Rs 2.29 crore by posing as trading investment consultants.
The arrested, identified as Naresh Shinde and Saurabh Shinde, were reportedly involved in managing bank accounts for cybercriminal networks. They were placed in judicial remand on Wednesday, while five additional suspects remain at large, according to Cyberabad Cybercrime DCP Sribala.
The case began on July 10 when a 51-year-old software engineer from Bachupally was added to a WhatsApp group called "KSL Official Stock" by unknown individuals. The group members encouraged him to download the "Kotak Pro" app and join a VIP trading plan, promising high returns. Trusting the profits displayed by the app, the engineer invested ₹2.29 crore, believing he was purchasing IPO shares and expecting to earn significant gains.
Initially, the app displayed a profit of Rs 1.10 crore, which led him to attempt a withdrawal of Rs 3.3 crore. However, he was requested to deposit an additional Rs 40 lakh. Growing suspicious, he conducted further investigations and uncovered that the entire scheme was fraudulent. After filing a complaint on October 8, the Cyberabad Cybercrime Police traced the scam to bank accounts associated with Naresh and Saurabh Shinde. A police team apprehended the suspects, who admitted to providing bank accounts for commission.
