Hyderabad: Two persons including a director of a private company promoted by a Singapore national, was caught by Rachakonda Police in Mumbai for duping gullible people on the pretext of gold business. He was brought to Hyderabad and formally arrested on Thursday.
Rachakonda police said Mayuri Sharad Hadkar and the directors of a private company in Mumbai Vinod Sharma, an employee of the company, was arrested. After the arrest, the police deposited Rs 12 lakh of the accused in different bank accounts.
A victim from the city approached the police and claimed that he was contacted by some people over the phone and told them about trading of virtual gold promising high returns. Believing in his plan, he invested Rs. 8.50 lakh. During investigation, the police came to know that Philip Chan, a Singapore national, and C victory Mumbai started three separate companies in Mumbai and Gujarat, which offer gold buying and selling schemes.
Mayur was appointed director of one of the three companies, while Vinod was an employee of the other company. The prime accused, Philip, started various websites and his associates in India used to manage this by contacting potential victims over the phone and offering WhatsApp to invest in the gold and silver business. “When the victim showed interest to invest in the fund, the accused provided the user ID, password and web link of his website. Once the victim has purchased virtual gold coins/bars by depositing money into the accounts provided on the website, they are initially shown some virtual return on investment. When the victim tried to withdraw the money, the withdrawal option was removed and the victims were duped,” the Rachakonda police said.
Rachakonda police said Mayuri Sharad Hadkar and the directors of a private company in Mumbai Vinod Sharma, an employee of the company, was arrested. After the arrest, the police deposited Rs 12 lakh of the accused in different bank accounts.
A victim from the city approached the police and claimed that he was contacted by some people over the phone and told them about trading of virtual gold promising high returns. Believing in his plan, he invested Rs. 8.50 lakh. During investigation, the police came to know that Philip Chan, a Singapore national, and C victory Mumbai started three separate companies in Mumbai and Gujarat, which offer gold buying and selling schemes.
Mayur was appointed director of one of the three companies, while Vinod was an employee of the other company. The prime accused, Philip, started various websites and his associates in India used to manage this by contacting potential victims over the phone and offering WhatsApp to invest in the gold and silver business. “When the victim showed interest to invest in the fund, the accused provided the user ID, password and web link of his website. Once the victim has purchased virtual gold coins/bars by depositing money into the accounts provided on the website, they are initially shown some virtual return on investment. When the victim tried to withdraw the money, the withdrawal option was removed and the victims were duped,” the Rachakonda police said.
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