The Hyderabad Cybercrime Police arrested Akash Varma, an electrician from Uttar Pradesh, for cheating an investor out of Rs 1.4 crore. Varma used a fraudulent stock investment scheme to deceive the investor. He is linked to 30 cases of fraud across India, including four cases in Telangana.
How the Fraud Worked
The victim was lured by promises of high returns on stock investments. Varma provided a fraudulent investment link. The investor was asked to deposit money gradually, starting with smaller sums. Initially, the scheme showed profitable returns, encouraging the victim to invest more. After depositing Rs 1.4 crore, the victim found that he could not withdraw his money, leading him to report the scam to the authorities.
Investigation and Arrest
Based on the complaint, the Cybercrime Police conducted an investigation and arrested Akash Varma. He had used this scam in multiple states. The authorities believe he is involved in several similar cases.
Further Action and Background
Varma is connected to numerous fraudulent activities across the country. Police are now working to trace his accomplices and identify more victims of the scheme.
Conclusion
This case highlights the increasing threat of online investment frauds. Authorities urge the public to be cautious when engaging in financial transactions. Cybercrime police continue to monitor suspicious schemes to protect investors.
