The Cyber Crime Police in Hyderabad have arrested five people who were running a fake call center in Pileru Town, Chittoor District, Andhra Pradesh. The police seized 31 laptops and six mobile phones from the accused. The arrested individuals are Tippannagari Sai Saran Kumar Reddy, Kotholla Mahesh, Reddivari Haribabu Yadav, Korru Ajit, and Madiga Diwakar.
According to the Deputy Commissioner of Police, Cyber Crimes, Sneha Mehra, the accused cheated people who wanted to trade in the stock market by pretending to offer trading tips for big profits. The main accused, Tippannagari Sai Saran Kumar Reddy, established a trading advisory company called Integear Consultancy Pvt Ltd in Piler, Annamayya District, without any SEBI registration or permission from the appropriate authorities.
The accused hired 38 female tele-callers to deceive the traders. They purchased traders’ data from online sources and the tele-callers contacted the traders using their phone numbers. They convinced the traders that their company had a qualified and experienced analysis team who could provide profitable share market tips.
After gaining the trust of the traders, they told them that their Demat account would be operated by professional traders to generate more profits. The accused instructed the traders to deposit money in specific bank accounts instead of their Demat accounts, claiming that they would trade with that amount. However, once the victims deposited the money, the accused stopped responding to their calls when they asked for a refund.
In total, the accused cheated around 140 people and collected a total of Rs 1.8 crore.
