New Delhi: Two men were arrested in connection with an international cheating racket that induces people to invest online in trade wine and spices and deceive them from Rs 25 Crore, police said on Wednesday.
The people who were arrested were identified as Nagaraju Karmanchi (31), a resident of Gurgaon in Haryana, and Kondala Subash (31), a Secunderabad resident in Telangana, they said.
Some Indian SIM cards used in this racket were found active in China, police said.
According to the police, a complaint was received where the complainant stated that he met someone, Soo Yeon Park, allegedly in South Korea, on a dating application.
He was promised a big return on his investment, and initially a return of more than 20% was given to him in three to four days on his investment amounting to RS 5,000, they said.
The complainant said he was asked to visit and create an account on the website, a senior police officer said.
The money he invested was stored by people accused of four separate accounts from various companies, including Golden Mark Technologies Private Limited, he said.
“On July 1, the raids were carried out and subhash, which was one of the Directors of the Golden Mark Technologies Private Limited, arrested from Secunderabad and Karnishi, which was related to Chinese citizens and also operated a bank account, arrested from Gurgaon, arrested from Gurgaon, arrested from Gurgaon , Arrested from Gurgaon, was arrested “Deputy Commissioner of Police (Southeast), said Rp.
Meena.
Investigations reveal that Karmenchi creates at least 10 different companies that bank accounts are used by Chinese citizens.
He relates to them and currently works as Director of Dummy at a short-term online loan company whose owner is actually a Chinese citizen, DCP said.
Karmanchi used to work according to the instructions of Chinese citizens and operate a number of fake bank accounts, police said.
30 cellphones, seven laptops, 50 SIM cards, six debit cards, among others were confiscated from Karmanchi and ownership of Subash, they said.
National China contacts people through social media.
They convinced the victim that the financial market in India was not good and if they wanted a good return for their money, they needed to invest in the trade of wine or spices, police said.
The defendant shared a uniform resource locator (URL) from their fake website to invest money and asked the victim to invest only a small number.
Initially, they would give a good return – in a 20% tone – at this small number, police said.
The victims invested more money and saw their return on multifold growing.
They were asked to register membership to get more refunds.
If they want to withdraw money, they are asked to wait for a certain time or to take a certain membership, the police said.
However, when the victims could not take money, they realized that they had been deceived, police said, adding this way the victims were cheated until Rs 25 Crore.
It was revealed that Chinese citizens hired people throughout India to establish a company so that they could open a current bank account with a high transaction capacity, police officers said.
If some bank accounts of Chinese citizens do not work, they direct their people in India to buy Crypto’s currency.
The money was also directed out of India through the Shell company, he said.
Members of the investment cheating fraud were identified and raids were carried out throughout India to destroy the gang, police said.