Hyderabad Cyber Crimes Police arrested three people in separate financial fraud cases involving a combined loss of over ₹2.6 crore to victims in the city.
In the first case, police arrested Vineet Chadha, 58, from Gurgaon, Haryana, for his role in a ₹2.02 crore trading fraud. A 62-year-old victim from Hyderabad was lured through a Facebook advertisement into investing in a fraudulent trading platform. The victim was shown false profits but was later asked to pay additional amounts as ‘taxes’ to withdraw his funds. He eventually realised he had been cheated.
Investigations revealed that Chadha, who operated a shell company, received ₹40 lakh in his bank account and transferred funds to associates while keeping a commission. Six others had already been arrested in connection with the case, including account holders and suppliers from Gujarat. Police seized six mobile phones, a laptop and a cheque book.
In another case, police arrested two persons, Devash Rastogi, 31, and Jitendra Agarwal, 32, from Ghaziabad, Uttar Pradesh, for duping a 58-year-old Hyderabad man in an insurance fraud. The accused posed as officials from the Insurance Grievance Management System (IGMS) department and promised the victim reimbursement of ₹63.45 lakh from insurance companies. “They demanded five percent of the amount as processing fees, convincing the victim to transfer ₹4.02 lakh to an NPCI Services account through his credit card. The complainant later realised the calls were fraudulent,” said an officer from the Cyber Crimes.
Police said the duo supplied bank accounts for receiving fraudulent funds. Four mobile phones and three cheque books were seized from them.
Authorities urged victims of cyber crime to immediately dial 1930 or visit cybercrime.gov.in for assistance.
Published – August 21, 2025 07:53 pm IST
