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Bengaluru Police Unravel ₹854 Crore Cyber Fraud Scam, 6 Arrested

Posted on September 30, 2023
Bengaluru Police Unravel ₹854 Crore Cyber Fraud Scam, 6 Arrested
Bengaluru Police Unravel ₹854 Crore Cyber Fraud Scam, 6 Arrested
Asif Iqbal | September 30, 2023 | 03:34 PM IST | Bengaluru, Breaking News, Crime | Follow on Google News

Bengaluru Police Unravel ₹854 Crore Cyber Fraud Scam, 6 Arrested.

In a recent breakthrough, Bengaluru Police have cracked down on a massive cyber fraud scheme worth ₹854 crore, resulting in the arrest of six individuals involved in duping thousands of innocent victims across India. This intricate web of deceit, operating under the guise of an investment scheme, has sent shockwaves throughout the country’s law enforcement and financial sectors.

The Deceptive Recruitment.

The accused gang masterminded their operation through popular messaging platforms such as Whatsapp and Telegram. Victims were initially enticed with promises of substantial profits, being asked to invest amounts ranging from ₹1,000 to ₹10,000. They were assured daily returns of ₹1,000 to ₹5,000, creating a seemingly lucrative opportunity for unsuspecting investors.

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Exploiting Financial Desperation

Thousands of individuals fell victim to this elaborate ruse, investing substantial sums ranging from ₹1 lakh to ₹10 lakh or more. This financial desperation was skillfully manipulated by the fraudsters, leaving victims with high hopes of quick and easy returns.

The Elusive Refunds

After victims completed their investments, attempting to withdraw their funds became a nightmare. The promised returns never materialized, and the money invested seemed to vanish into thin air. It became evident that the accused had no intention of refunding their ill-gotten gains.

Money Laundering Shenanigans

As the noose tightened around the fraudulent operation, it was revealed that the misappropriated funds, totaling ₹854 crore, were diverted into various online payment modes. These included crypto transactions on platforms like Binance, payment gateways, and even gaming apps.

These complex transactions were designed to obscure the money trail, making it difficult for authorities to track.This significant achievement by the Bengaluru Police serves as a stark reminder of the ever-evolving world of cybercrime. As authorities work tirelessly to apprehend those responsible, it is crucial for individuals to remain vigilant and cautious in their online financial dealings. The arrests made in this case are a step towards justice for the victims, but it also underscores the need for increased awareness and preventative measures against such scams.

Asif Iqbal
Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.

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