Key accused in ₹3.4-crore investment fraud arrested in Andhra Pradesh
Police in Andhra Pradesh have arrested a man involved in a ₹3.4-crore online investment fraud targeting a retired bank employee. The investigation revealed a complex network of thousands of bank accounts used to launder the stolen funds.
Why it matters
The case underscores the growing sophistication of digital financial scams and the challenges of tracking illicit money transfers.
The Cyber Crime Wing of the Central Crime Branch (CCB) has arrested a key accused in Andhra Pradesh, in a case involving the alleged cheating of a 69-year-old retired bank employee of ₹3.4 crore through a fake online investment scheme.
The complainant, a Chennai resident, was contacted through WhatsApp by a member of a group named FYERSHNIVIP. The person introduced himself as Rajiv Mehta, chief investment officer, and persuaded the complainant to invest in an investment firm operating in Bengaluru, promising high returns. The accused allegedly circulated fabricated conversations in the WhatsApp group, which had around 50 members, to make it appear that several investors had earned substantial profits. Believing these claims, the retired bank employee transferred a total of approximately ₹3.40 crore in 13 instalments from his bank account to accounts held in the names of different individuals across various States, as instructed by the purported investment firm.
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