The Cyber Crime wing of Hyderabad’s Rachakonda police arrested two people in connection with running a fake firm which claimed to advise on investments in stock market and cheated people.

Police received a complaint on July 30 against those who were running the fake firm in Bengaluru. Rahul Kumar (27) and Surya Chaitanya (26) posed as stock market advisors and assured returns of at least 5 to 11 times their investment.

The complainant said he received calls and emails from the accused who claimed to be the employees of National stock research company in Bengaluru and that they had inside contacts with the National Stock Exchange.

The accused would also give accurate calls for buying and selling with assured returns in 28 days. Citing the same, the accused asked the complainant to transfer a sum of 1,81, 116 to the bank account of the company.

Complainant said “trusting their words I transferred the money between July 2 to 8, I waited till July 16 but didn’t hear from them.” The complainant then made several calls and emails and got no response. That is when he got suspicious and approached the police.

Investigating the case police landed in Bengaluru and arrested the accused. The police also recovered several phones, a computer and a laptop and other miscellaneous items.

A case has been registered under sections 417 for cheating, 419 for cheating by personation and 420 for cheating and dishonestly inducing delivery of property and also under relevant sections of the Information Technology Act 2000.

Police cautioned general public not to believe such fraudulent calls promising huge returns in less time by investing in stock market. Accused were produced in Court and sent to Judicial remand.

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