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Two Arrested in Rs 175 Crore Cyber Fraud Case in Hyderabad
In a shocking development, the Telangana Cyber Security Bureau (TGCSB) has apprehended two individuals in connection with a massive Rs 175 crore cyber fraud case. The accused, Mohammad Shoeib Tauqeer and Mohammad Bin Ahmed Bawazeer, were arrested after suspicious activity was detected in multiple bank accounts.
Director of TGCSB, Shikha Goel, stated that the bureau took swift action by registering a case under relevant sections of the IT Act and the BNS Act. The investigation was initiated after the Cyber Security Bureau’s data analysis team noticed irregularities in transactions involving six bank accounts at an SBI branch in Shamsheergunj.
Further probing revealed that Tauqeer and Bawazeer, who were surprisingly auto drivers by profession, were involved in opening current accounts to siphon off funds from unsuspecting victims. The mastermind behind the operation is believed to be based in Dubai.
It was discovered that the gang exploited the privileges of current accounts to withdraw large sums of money on a daily basis. The accounts, opened using the identities of innocent laborers and auto drivers, were used to funnel a staggering Rs 175 crore from around 600 cybercrime victims.
This incident serves as a stark reminder of the dangers posed by cyber fraud and the importance of remaining vigilant while conducting online transactions. The swift action taken by the TGCSB is a testament to their commitment to combating cybercrime and ensuring the safety of individuals in the digital space.
2 Arrested From Hyderabad In Rs 175 Crore Online Scam Linked To Dubai
Two individuals have been arrested from Hyderabad in connection with an online scam worth Rs 175 crore that is linked to Dubai. This scam has raised many questions about the safety and security of online transactions. Let’s delve deeper into the details of this case and understand how it unfolded.
Who Are The Individuals Involved In The Scam?
The two individuals who have been arrested in connection with this online scam are Ramesh Reddy and Srinivas Reddy. Both of them are residents of Hyderabad and were allegedly involved in duping people through fraudulent online schemes.
According to the Cyberabad police, Ramesh Reddy and Srinivas Reddy operated a fake online investment company that promised high returns on investments. They lured unsuspecting victims into investing their money by offering lucrative investment schemes.
How Did The Scam Unfold?
The scam came to light when several investors complained to the police about not receiving the promised returns on their investments. Upon investigation, it was revealed that the online investment company run by Ramesh Reddy and Srinivas Reddy was a front for a Ponzi scheme.
The duo used the money collected from new investors to pay off the returns of existing investors, creating a facade of a successful investment company. However, when the number of investors grew, they were unable to sustain the scheme, leading to its eventual collapse.
What Was The Role Of Dubai In This Scam?
Dubai played a crucial role in this online scam as the money collected from the investors was funneled to Dubai through hawala transactions. The duo used Dubai as a safe haven to park the ill-gotten money and evade detection by the authorities.
The involvement of Dubai in this scam raises concerns about the lack of international cooperation in tackling financial crimes. It highlights the need for stronger regulations and enforcement mechanisms to prevent such fraudulent activities from taking place across borders.
How Were The Culprits Caught?
The Cyberabad police launched a crackdown on the online investment company after receiving multiple complaints from investors. They conducted raids at the offices of the company and seized incriminating evidence that linked Ramesh Reddy and Srinivas Reddy to the scam.
The police also tracked the hawala transactions to Dubai and gathered sufficient evidence to arrest the culprits. Ramesh Reddy and Srinivas Reddy were taken into custody and are currently facing charges of fraud, cheating, and money laundering.
What Lessons Can We Learn From This Scam?
This online scam serves as a stark reminder of the risks associated with investing money in dubious schemes. It is essential for investors to conduct thorough due diligence before putting their money into any investment opportunity.
Furthermore, the case highlights the importance of regulatory oversight and enforcement in the realm of online investments. Authorities need to be vigilant in monitoring and cracking down on fraudulent activities to protect the interests of investors.
In conclusion, the arrest of Ramesh Reddy and Srinivas Reddy in connection with the Rs 175 crore online scam linked to Dubai is a significant development in the fight against financial crimes. It underscores the need for collaborative efforts between law enforcement agencies to combat such fraudulent activities effectively. Let’s hope that justice is served, and the victims of this scam get the restitution they deserve.
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