The arrested suspect was identified as Vyas Rutvik Smital Kumar (26) from Ahmedabad in Gujarat. He is involved in 80 cases across India including 11 cases in Telangana.
Hyderabad: The Hyderabad Cybercrime Unit nabbed a youth from Gujarat in connection with a stock trading fraud.
The arrested suspect was identified as Vyas Rutvik Smital Kumar (26) from Ahmedabad in Gujarat. He is involved in 80 cases across India including 11 cases in Telangana.
According to the police, the suspect contacted victims through various social media platforms and offered double or triple profits in a short time through stock market trading.
“They display huge returns in their application initially. Later, they allow withdrawals to a certain extent to build trust. They show virtual profits to lure victims into investing more. Once huge investments are made, the suspects block the account and cheat the investors,” Cybercrime officials said.
Based on a complaint from an elderly man who was duped to the tune of Rs 9.5 lakh, the Cybercrime police booked a case and arrested the suspect.
