Chennai: City cybercrime police have uncovered a complex network behind an online investment fraud that cost a 69-year-old retired bank employee Rs 3.4 crore. Police arrested a 52-year-old man from Visakhapatnam in Andhra Pradesh and froze Rs 21 lakh in his account.
Believing their claims, the victim transferred about Rs 3.4 crore in 13 instalments to bank accounts in different states .He realised he had been cheated when the promised returns did not arrive and the contacts became unreachable. He alerted the cybercrime helpline at 1930 and filed a complaint with the Chennai Police Commissioner’s office. It arrested Konathala Krishna, 52, of Merudi in Anakapalli mandal. Police froze the recipient accounts and recovered about Rs 21 lakh.
Police said cyberfraud networks often use bank account holders to route illicit funds. The fraudsters posted fabricated messages showing group members earning profits. A special team, acting on the directions of Commissioner A Amalraj, traced the transactions to Visakhapatnam. A court remanded him in judicial custody. They warned current account holders not to share their bank accounts, SIM cards, mobile phones or online banking credentials in return for commissions or other benefits.
The person added him to a group called “FYERSHNIVIP” and promised high returns, police said. The victim received a WhatsApp message from a person posing as Rajiv Mehta, chief investment officer of a Bengaluru-based investment firm.