Hyderabad: Cyber Crime police arrested a businessman from Gurgaon in a ₹2 crore trading fraud case. Investigators said he opened fraudulent bank accounts and used them to collect illicit deposits from victims tricked by fake investment platforms.
Police identified the accused as Vineet Chadha, 58, of Gurgaon, Haryana. His IDFC Bank account received ₹40 lakh from one Hyderabad victim. Officers arrested him on August 18. They added that Chadha already faced 12 cases nationwide, including three registered in Telangana.
Trading fraud case involved fake platform with false returns
The case started when a 62-year-old Hyderabad resident clicked on a trading advertisement on Facebook. He downloaded the linked app and invested after initial profits were displayed. Later, he deposited ₹2.02 crore through different accounts shown on the app. When he attempted to withdraw money, fraudsters demanded supposed “taxes.” Moreover, they bombarded him on WhatsApp and kept urging him to invest more.
Investigators explained that Chadha handled shell accounts and transferred funds to associates. In return, he earned commission for each transaction. Six other accused from Gujarat were arrested earlier. They were identified as Viradya Mohitbhai Ghanshyambhai, Bullan Karpatu Yadav, Rohan Jagadeshbhai Limbachiya, Kureshi Shafinbhai Yunusbhai, Mer Kishan Kanubai, and Mer Manish Bharatbhai. Police confirmed that several of them provided accounts or acted as suppliers for the racket.
During searches, police recovered six mobile phones, a laptop, and one cheque book. Inspector P. Pramod Kumar led the probe with Sub-Inspectors Ch. Venkatadri and Shaik Azeez. The team carried out the investigation under close supervision.
Advisory warns citizens against online scams
Officials stressed that investors should verify opportunities before sharing financial details. They said cyber criminals often promise huge returns via WhatsApp, Telegram, Instagram, and Facebook. According to police, such platforms are neither genuine nor approved by SEBI, although scamsters display fake profit screenshots to mislead victims.
Authorities urged cyber fraud victims to call 1930 without delay. In addition, they advised people to file complaints through the national cybercrime portal at cybercrime.gov.in.
