In a significant breakthrough, the Hyderabad City Police’s cybercrime team has arrested two suspects involved in a large-scale stock market fraud, where investors were deceived through fake stock market tips. The arrested individuals have been identified as Bhura Ram (alias Raju Bhai), a resident of Dubai and originally from Jodhpur, Rajasthan, and Ramchandra (alias Ganesh Ram), a resident of Jodhpur.
The investigation was initiated after a victim from Hyderabad filed a complaint, alleging that cyber fraudsters contacted him via the Telegram app, offering investment tips in the stock market with promises of huge profits. Posing as representatives of Motilal Oswal, these fraudsters convinced the victim to invest Rs. 1,03,25,000 by transferring the funds into various bank accounts.
Upon further investigation, police discovered that Bhura Ram and Ramchandra were working with other fraudsters, including an absconding individual named Berlin. The duo was involved in orchestrating the scam by luring people into investing in fake stock market tips. Bhura Ram received bank account details from Ramchandra for a 5% commission, which were later passed on to Berlin in exchange for a 20% commission. Bhura Ram provided Berlin with a total of 47 bank accounts.
The police found that this fraud was not isolated, with 507 cases of similar frauds registered across India, including 67 cases in Telangana alone. Bank accounts linked to the fraud were frozen, with a total of Rs. 1.44 crore. In a positive development, Rs. 55 lakh has already been refunded to victims through court orders.
Bhura Ram was arrested upon returning to India from Dubai via Nepal, after he tried to evade immigration checks following a Lookout Circular (LOC) issued against him. Ramchandra, on the other hand, had opened shell company bank accounts and provided them to Bhura Ram in exchange for a commission.
Both suspects were arrested on April 16, 2024, and initially placed in judicial remand. They were later transferred to police custody on April 20 for further investigation and returned to judicial remand on April 25.
During the investigation, authorities seized critical evidence, including a mobile phone, ten chequebooks, three passbooks, six debit cards, a passport, five Aadhar cards, a PAN card, a UAE Resident Identity Card, four stamp pads, and a laptop.
The operation was spearheaded by Inspector S. Naresh, with support from Sub-Inspectors A. Shailendra and Bhavani, Head Constables Md. Feroz and Mahesh, and Police Constable Ravi Kumar and ARPC Gajeshwar. The entire operation was conducted under the supervision of DCP Dara Kavitha and ACP RG Siva Maruthi of the Cyber Crime Police Station in Hyderabad.
Hyderabad Police Commissioner K Sreenivasa Reddy issued a stern warning to the public, advising them to be cautious when dealing with online trading platforms that are not registered with SEBI. He urged people to avoid investing in unauthorized websites that promise high returns with little effort, as these are often fraudulent schemes designed to exploit unsuspecting investors.
