Cyberabad police arrest seven in ₹95 lakh online trading fraud
The Cyberabad Cyber Crime Police have arrested seven individuals in connection with an online trading and investment fraud, wherein a city resident was allegedly cheated of ₹95 lakh through a fake investment platform promising high returns.
The victim, identified as Srikanth Reddy alias Suresh Reddy, filed a complaint stating that he was lured into investing through an online platform called “Elera Capital Desk.” The accused contacted him via WhatsApp groups and other online channels.
Initially, the victim invested ₹46 lakh. The fraudsters allegedly displayed a notional profit of ₹2.04 crore in his online trading account to build trust. When he attempted to withdraw the amount, he was asked to pay additional sums for taxes, security deposits, processing fees, and other charges.
Believing these claims, the victim transferred another ₹49 lakh. However, the promised withdrawal never materialized, leading to a total loss of ₹95 lakh.
Police analysis revealed that the fraud proceeds were routed through 45 layered bank accounts to conceal their origin. Special teams conducted an operation in the Gajuwaka area of Visakhapatnam and arrested seven accused: Raparthi Gautham, Senapathi Pentayya, Bodala Sai Kumar, Murapakala Kumar, Vijjipu Satyanarayana, Mantri Sai Kumar, and Uta Narayana.
During the investigation, police seized ₹26.57 lakh in cash and froze bank accounts containing ₹12 lakh. They also obtained court orders to refund ₹9 lakh to the victim.
