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Hyderabad: The Hyderabad police arrested three people involved in a series of online investment fraud worth Rs 5.9 crore. The fraudsters duped people from across India.

The accused were identified as Madathala Ramesh Reddy, 25, Gandi Srinu, 31, Gurrapūkonda Sridhar, 43; all natives of Andhra Pradesh.

Police said that Reddy, Srinu and Sridhar provided access to their bank accounts to organised cyber criminals who duped people by offering investment schemes. These investment schemes were circulated via WhatsApp and Facebook.

They opened accounts in different banks and gave access to organised criminals and received a commission on each fraudulent transaction.

Ramesh opened a bank account in City Union Bank under the name of ‘Ramesh Traders’. He earned 15 percent commission from the organised criminals. Likewise, Srinu opened an account in HDFC Bank and earned 10 percent commission. Sridhar opened an account in YES Bank under the name S.S. Tyre Collection and earned 20 percent commission.

The accused were linked to three different investment fraud cases, involving sums of Rs 37.82 lakh, Rs 9.72 lakh, and Rs 11.50 lakh.

Victims contacted through social media

Cybercrime police said the victims received unsolicited WhatsApp messages from individuals claiming to be investment advisors or representatives of well-known financial companies.

They lured them to join the WhatsApp groups (VIP-2012 Stock Growth Strategies, HORIZON CAPITAL, and T14 – Aamir Singh’s Community) and invest in fake stock trading or crypto platforms and clone trading apps (e.g., SMC STK Trading App, valiantcapital app).

The victims invested a large sum of money after being promised good returns. They realised they were duped after withdrawal requests were blocked.

Following an investigation, the cybercrime police arrested the accused, who were booked under sections 66(C), 66(D) IT Act & Sec. 318(4), 319(2), 336(3), 338, 340(2) of the Bharatiya Nyaya Sanhita (BNS).