Police Commissioner ShankaBabar Bagchi on Sunday in Visakhapatnam, Visakhapatnam, dealt with the media in the case of fraud fraud.
The police arrested nine people here on Sunday, who allegedly participated in the fraud of immediate lending, and confiscated 60 Lakh from their cryptocurrency.
Were arrested as G. Sambasva Rao (32) of Palnad; K. Sandeep (39) self-guntur; YV DIP Kumar (25) of Palnad; Y. Sai Krishna (31) of guntur; And five others.
Police Commissioner ShankarBab Bagchi, who addressed the media, said the man from the city borrowed a loan of 2,000 ₹ through the city application. Subsequently, the aim of the fraudsters demanded repayment of a loan exceeding the amount used and annoyed by sending the morphic paintings of his and his wife to their contacts through WhatsApp.
After harassing the victim’s wife, she made an application management. However, the victim could not cope with harassment and humiliation, ending her life with suicide. On the basis of a complaint filed by its affinity, the municipal police registered the case.
During the investigation, the officials analyzed a bank statement involved in the case and found that they belong to the inhabitants of Hailakandi in Assam. In addition, it was found that the account had received numerous small transactions that seemed to represent the amount of repayment of the loan. In addition, the account funds were subsequently transferred to five bank accounts.
Mr. Bagchi said that comprehensive analysis revealed that individuals who commit fraud in immediate lending use the company’s specific bank accounts to issue immediate loans to victims and use different accounts to collect installments. The amounts of the repayment were then redirected to the company’s original accounts for the subsequent payment of additional loans. “This suggests a cyclic formula in the operation of a fraudulent scheme,” Mr. Bagchi said.
During the investigation of Sambasiva Rao, he reportedly revealed that he was contacted through a telegram by two Chinese cyber criminals. He admitted that he was lured to participate in fraud by promising high commissions if he could help open Indian companies and current bank accounts needed for fraud.
Sambasiva Rao agreed to the AS proposal using his friends Sandeep, Dileep and others, the accused facilitated the opening of multiple bank accounts in the names of unsuspecting individuals under the guise of corporate accounts, Mr. Bagchi said.
He also said that Sambasiva Rao managed to provide details of approximately 132 bank accounts to Chinese fraudsters through various social media applications. These accounts were then used to process transactions related to fraudulent loan application operations, he added.
Police have acquired mobile phones and laptops used in crime. After verifying their mobile phones, it was found that Sambasiva Rao had 53784 USDT Cryptocurrency, Dileep 12628 USDT, Sandeep 1182 USDT. The total amount was equivalent to 60.43 588 Lakh.
Published – April 27, 2025 20:07
