Posted by Bengaluru Police busts Rs 854 crore cyber investment fraud, six arrestedThe Bengaluru Police has busted a Rs 854 crore cyber fraud scam and apprehended six people in connection with the matter for allegedly cheating thousands of victims across the country on the pretext of an investment scheme, officials said on Saturday (September 30Rs 5 crore has been frozen out of the total cheated amount, they added Initially, they were asked to invest smaller amounts ranging from Rs 1,000 to 10,000 on the pretext that they would earn Rs 1,000 to 5,000 per day as a profit,” a senior police official saidThe victims were lured through WhatsApp and Telegram by the accused gang
Thousands of victims had invested money in between Rs one lakh to 10 lakh or more, he saidThe money invested by the victims was dumped into different bank accounts through online paymentsHowever, after completing the investment process, when the victim tried to withdraw the amount, they never got any refund,” he saidThe accused diverted the consolidated money to mule accounts once the amount was collected, the police saidThe total amount of Rs 854 crore was dumped into various online payment modes through crypto (Binance), payment gateway, gaming apps among others, he saidThe Bengaluru police have busted a Rs 854 crore cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme, officials said on Saturday
The accused gang lured the victims through Whatsapp and Telegram. Initially, they were asked to invest smaller amounts Once the amount was collected, the accused diverted the consolidated money to mule accounts (related to money laundering), the officer saidranging from Rs 1,000 to 10,000 on the pretext that they would earn Rs 1,000 to 5,000 per day as a profit, a senior police officer said The money invested by the victims was dumped into different bank accounts through online payments. However, after completing the investment process, when the victims tried to withdraw the amount, they never got any refund, he addedThousands of victims invested money ranging from Rs 1 lakh to 10 lakh, he said
The total amount of Rs 854 crore was dumped into various online payment modes through crypto (Binance), payment gateway, gaming apps among others, he saidThe Bengaluru Police have busted a Rs 854 crore cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme, officials saidManoj, Panindra, Chakradhar, Shrinivas, Somashekar and Vashanth — are all residents of Bengaluru, they said. The three other accused, alleged to be the masterminds behind the fraud have been identified, police said, adding efforts are being made to apprehend them. Out of the total cheated amount, Rs five crore had been frozen, police said
Thousands of victims invested money ranging from Rs one lakh to 10 lakh or more, he said. Addressing a press conference here, Bengaluru Police Commissioner B Dayananda said the Central Crime Branch (CCB) has been successful in detecting the ”very interesting” cyber crime fraud case in which the criminals have cheated certain individuals by luring them at high rates of interest for the money they deposited. Explaining the modus operandi, he said the accused contacted victims through WhatsApp, Telegram and other social media platforms
Bengaluru alone, the victims were cheated of Rs 49 lakh. The accused gang lured the victims through WhatsApp and Telegram. After gaining their trust on the pretext of providing them with higher returns on their investments, the accused started asking victims to deposit the amount. However, they neither returned the money or the interest that they had promised.The investigation has revealed that 5,013 similar cases of cyber investment fraud have been registered across the country which, in Bangalore city alone, 17 such cases have been registered at different police stations here, he said.”The cheated amount of Rs 854 crore