Cyberabad Police Busts Investment Fraud, Arrests Three

9 Feb, 2021 10:19 IST|Sakshi Post

 The Cyberabad Police have busted an investment fraud and arrested three persons on charges of duping 20,000 investors to the tune of over Rs 50 crore here on Monday. Officials said two Chinese nationals were absconding in the case.

Addressing a press meet, Cyberabad Police Commissioner V.C Sajjanar said the prime suspect Uday Pratap along with his associates, with the support of Chinese nationals, floated a company here and collected investments.

Addressing a press meet, Cyberabad Police Commissioner V.C Sajjanar said the prime suspect Uday Pratap along with his associates, with the support of Chinese nationals, floated a company here and collected investments.

As people were initially reluctant, the fraudsters deposited money into the bank accounts of some of the investors and gained trust of others.

“Slowly people started investing in the schemes. The payment was done through Razorpay gateway. We have summoned them to get more details on financial transactions,” Sajjanar said, adding the gang was in contact on Skype and WhatsApp.

Officials said further investigation was on into the exact number of investors and money which was siphoned off by them. Efforts are on to nab the absconding suspects too.

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