Hyderabad Busts Online Scam: Bank Accounts Fuel Cyber Fraud

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Posted by AI on 2025-11-03 17:25:11 | Last Updated by AI on 2026-03-25 16:46:19

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In a significant crackdown on cybercrime, Hyderabad's law enforcement has arrested three individuals, exposing a sophisticated online investment scam that ensnared victims across India. The accused, Madathala Ramesh Reddy, Gandi Srinu, and Gurrapukonda Sridhar, aged 25, 31, and 43, respectively, were apprehended for their role in facilitating large-scale fraud.

The Hyderabad Cyber Crime Police revealed that the trio provided a crucial service to organised cybercriminal networks by granting access to their bank accounts. These accounts were then used to lure unsuspecting individuals into investing in fake schemes circulated via WhatsApp and Telegram groups. The victims, drawn into a web of deceit, were promised lucrative returns on stock trading and crypto platforms like SMC STK Trading App and valiantcapital app.

Investigators uncovered a pattern where victims, trusting the apparent legitimacy of these groups, invested substantial sums, only to find themselves unable to withdraw their funds later. The total losses from these fraudulent schemes are estimated to exceed 59 lakh, a staggering amount that highlights the scale and impact of this cybercrime ring.

The police have urged the public to exercise caution when encountering investment opportunities shared via social media platforms, especially from unknown sources. They emphasise the importance of verifying the authenticity of investment platforms through official channels like SEBI's website and warn against schemes promising extraordinary profits. This case serves as a stark reminder of the evolving tactics employed by cybercriminals and the need for constant vigilance in the digital realm.

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