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Hyderabad: The Cybercrime Police of Malkajgiri Commissionerate detected three investment fraud cases in the first week of March and arrested five people for providing mule accounts to scammers.

Cybercrime Police also refunded an amount of Rs 12,54,500 to the victims this week.

In the first case, the complainant lost Rs 10 lakh after he was added to a stock market group on WhatsApp, which persuaded him to invest in a fake trading application by showing fake profits.

After investing small funds, the complainant was asked to invest larger amounts, and when he tried to withdraw his money, the scammers demanded more payment on the pretext of loan clearance and special withdrawal charges.

After transferring the Rs 10 lakh, the trading application stopped working, and the fraudsters ceased communication. Investigation into the case led to the arrest of two mule account holders from Gujarat.

Two more complainants lost around Rs 2 lakh each in similar frauds.

Advisory

Malkajgiri Police has warned against transferring money to unknown accounts based on instructions received on social media.

The public is advised to only invest in SEBI-approved platforms and to never pay additional charges such as profit tax, account unfreezing fees or processing charges to withdraw funds.

URLs with spelling errors, fake domains or recently registered domaisn are usually a giveaway for fraudulent activities.

In case one falls victim to cybercrime, they are urged to contact the helpline at 1930 or visit the official cybercrime reporting website.