Bengaluru Police bust Rs 854 crore cyber investment fraud, arrest six people
Bengaluru Police have busted a Rs 854 crore cyber fraud scam and arrested six people who allegedly cheated thousands of victims across India on the pretext of an investment scheme, officials said on Saturday. The accused — Manoj, Panindra, Chakradhar, Shrinivas, Somashekar and Vashanth — are all residents of Bengaluru, they said.
The three other accused, alleged to be the masterminds behind the fraud have been identified, police said, adding efforts are being made to apprehend them.
Out of the total cheated amount, Rs five crore had been frozen, police said, adding that in Bengaluru alone, the victims were cheated of Rs 49 lakh.
The accused gang lured the victims through Whatsapp and Telegram. Initially, they were asked to invest smaller amounts ranging from Rs 1,000 to 10,000 on the pretext that they would earn Rs 1,000 to 5,000 per day as a profit, a senior police officer said.
Thousands of victims invested money ranging from Rs one lakh to 10 lakh or more, he said.
Addressing a press conference here, Bengaluru Police Commissioner B Dayananda said the Central Crime Branch (CCB) has been successful in detecting the «very interesting» cyber crime fraud case in which the criminals have cheated certain individuals by luring them at high rates of interest for the money they deposited.
Explaining the modus operandi, he said the accused contacted victims through WhatsApp, Telegram and other social media platforms.
After gaining their trust on the pretext of providing them with higher returns on their investments, the accused started asking victims to deposit the amount. However, they neither returned the money or the interest that they had promised.
The investigation has revealed that 5,013 similar cases of cyber
