The Hyberabad police have arrested Manish Gyan Chand for his involvement in a major cyber fraud case, where fraudsters used his bank account to dupe a victim of Rs. 2.92 crore under the guise of lucrative investments.
According to police reports, the victim was lured into a fake investment scheme with promises of huge profits from stock market ventures. The fraudsters convinced the victim to transfer a large sum of money, claiming it would yield high returns. Believing the scheme was legitimate, the victim sent Rs. 2.92 crore to various bank accounts, including one provided by Manish Gyan Chand.
Chand, who facilitated the transactions by offering his bank account to the suspects Vijay Manuja and Bhavesh Murali Adnani, received a commission for his involvement in the fraudulent activities. The victim transferred Rs. 1,00,50,000 into Chand’s account, believing it was part of the investment process.
However, the victim became suspicious when the promised returns did not materialize, and they contacted the authorities, leading to the investigation and subsequent arrest of Manish Gyan Chand.
The police are continuing their efforts to locate the other suspects, Vijay Manuja and Bhavesh Murali Adnani, who are still at large. Authorities have warned the public to be cautious about such investment scams and always verify the legitimacy of investment opportunities before transferring large sums of money.
This case highlights the increasing sophistication of online investment scams and the role of individuals like Chand, who are complicit in facilitating such frauds.