The Hyderabad Police have arrested Rashmit Rajendra Patil, a private employee and account supplier, in connection with a large-scale investment fraud that defrauded a 56-year-old victim of Rs 2.43 crore.
According to the police, the victim was initially referred to SAMCO Securities and IIFL applications through social media, where he downloaded the apps and began investing money with promises of high returns. Initially, the victim made small investments and was shown daily profits, which he could supposedly withdraw to his personal bank account. The fraudsters claimed the funds would be deposited within 1-3 days after a 6% tax deduction on each withdrawal.
Believing the scheme to be legitimate, the victim invested more money over time. Eventually, he deposited a total of Rs 2.43 crore into various bank accounts provided through the apps. However, when the victim tried to withdraw his funds, the fraudsters stopped the process, and the victim realized he had been scammed.
Following the complaint, the Cybercrime police filed a case under sections of the IT Act and BNS. The investigation revealed that the fraudsters used social media platforms, such as Telegram and WhatsApp, to target victims. They promised quick and high returns from stock market trading, showed initial virtual profits, and allowed limited withdrawals to build trust. Once larger amounts were invested, the fraudsters blocked further withdrawals.
Rashmit Rajendra Patil was arrested, and the police are continuing their investigation into the network behind this scam.