The Indian police have announced the arrest of six individuals in a week-long crackdown across the country. According to local reports, the crackdown, which ran from February 7 to 13, targeted individuals carrying out different kinds of fraudulent activities, including investment fraud, loan app fraud, and part-time jobs scams.
According to the statement released by the Indian police, the crackdown was carried out with the help of investigators after they made trails of several illegal funds across different states, including Maharashtra and Andhra Pradesh. The force also said it secured refunds worth about Rs. 16.9 lakh ($18,673) to victims through court orders. According to the police, the arrested individuals have been processed in court for bail hearings, while others are still being held in police custody pending the conclusion of investigations.
Indian police apprehend six individuals in latest crackdown
In the statement released by the Indian police, officers attached to the force travelled to Kakinada in Andhra Pradesh and arrested Gummadi Rambabu for acting as a mule account holder and facilitating the movement of illicit funds. The victim in this case said he was approached by one of the members of the network on Facebook. He claimed the person presented the crypto investment scheme and explained how it worked in detail. After days of discussion, he agreed to invest.
The victim was added to a Facebook group titled AZ70 Market Radar Station, where he said administrators offered stock tips and investment training. Members of the group also plastered screenshots showing their profits from the crypto investments made in the group, another move to entice the new members added to the group. The victim claimed he was provided a bank account to transfer Rs. 5.20 lakh into, which was coincidentally an account owned by the accused.
In another case, the Indian police said it arrested Santosh Chandra Kant Gaikaward in Mumbai for his role in a large-scale investment fraud that targeted victims locally. The victim claimed he was added to a WhatsApp group after the group initiated contact and was persuaded to invest through a trading application, which they falsely claimed had been duly registered with the appropriate federal agency. He was also shown a fabricated profit from crypto investments, a move that enticed him.
Police urge residents to be cautious online
In another separate investment fraud case linked to a WhatsApp group named Dream Chasers Together 371, three accused from Bhiwandi in Maharashtra were arrested for acting as mule accounts to transfer funds gotten from crypto investment scams. The individuals were identified as Momin Arham Rais Ahmed, Mohd Qais Mustaque Shaikh, and Momin Hina Imran Ahmed. The complainant was initially allowed to withdraw at first to build trust before being defrauded of over Rs. 65 lakh.
Police also arrested Katravath Nithin from Mahabubnagar in connection with a loan fraud application. The victim was lured through Instagram by fraudsters posing as representatives of loan companies. He was asked to share personal and banking details before being asked to pay about Rs. 2 lakh under the pretext of security deposits and processing charges. Investigators discovered that the funds were moved through several accounts owned by the criminals before being transferred into crypto and sent out of the country.
Meanwhile, officials of the Indian police have warned the public to exercise caution while trying to make money online. They urged residents to refrain from responding to unknown profiles or phone numbers, especially those acting overly friendly. In addition, the officials also warned residents to avoid sharing personal information and accessing crypto investment platforms through their official websites and to report suspected fraud immediately to the nearest police station.
