Hyderabad: 21 June, Posted at 8:42 PM IST
Cyberabad Cyber Crime Police have successfully solved a major online trading and investment fraud case involving ₹95 lakh and arrested seven accused persons allegedly involved in the crime. The case was registered under Crime No. 1053/2026 after the victim, identified as Srikanth Reddy alias Suresh Reddy, reported that he had been cheated through a fake online trading platform operating under the name “Elera Capital Desk.”
According to DCP Cyber Crime Cyberabad T Sai Manohar the fraudsters approached the victim through WhatsApp groups and online communication channels. They allegedly promised high returns through online trading and investment opportunities. Initially, the victim invested ₹46 lakh on the platform. The accused allegedly displayed a fake profit of ₹2.04 crore in the victim’s trading account to create confidence and encourage further payments.
When the victim attempted to withdraw the displayed profits, the fraudsters reportedly demanded additional payments under various heads, including taxes, security deposits, processing charges and other fees.
DCP said that the victim subsequently paid another ₹49 lakh towards these charges, taking the total financial loss to approximately ₹95 lakh.
After realizing that the promised funds could not be withdrawn, the victim approached Cyberabad Cyber Crime Police and filed a complaint.
During the investigation, police analyzed digital evidence, banking transactions and money trails. Investigators discovered that the fraud proceeds had been routed through 45 layered bank accounts to conceal the movement of funds.
Special police teams conducted operations in the Gajuwaka area of Visakhapatnam and arrested seven accused persons allegedly connected to the money laundering network. The arrested individuals have been identified as account suppliers, cash suppliers, cash receivers and account holders who allegedly facilitated the transfer and laundering of the fraudulent proceeds.
During the investigation, police recovered ₹26.57 lakh in cash. Authorities also froze bank accounts containing approximately ₹12 lakh and secured court orders for the refund of ₹9 lakh to the victim. Mobile phones and other digital devices used in the commission of the crime were also seized.
Investigators found that several accused arranged mule bank accounts, handled cash transactions and assisted in transferring funds through multiple accounts. The investigation was carried out under the supervision of ACP Ravinder Reddy. Inspector Madhu played a key role in analyzing the digital evidence and tracing the money trail, while SI Srinivas and his team conducted the field operations that led to the arrests and recoveries.
Cyberabad Police have advised the public not to trust investment schemes promoted through social media, WhatsApp or Telegram groups. Authorities have urged citizens to invest only through SEBI-authorized institutions and to remain cautious when additional payments are demanded for withdrawing investment proceeds. Victims of cyber fraud have been advised to immediately contact the national cyber helpline 1930 or register complaints through the official cybercrime portal.
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