By Admin 
Share market scam: Hyderabad Cybercrime Police has arrested two people of AV Solutions, busting a financial fraud case. The financial scam used Pongji Scheme and Artificial Intelligence (AI) based investment platform. In this case, on the basis of software, more than 3000 investors were taken into a trap by predicting higher profits in the stock market and they were trapped in a web of thick earnings every month.
Network spreads in many cities
According to the Sibrabad Police Commissionerate, in this fraud between 2022 and 2025, the accused used to lure the investors with the claim that they have a software that can make an accurate prediction of the market and give permanent returns of up to 7 % every month.
The company’s network with more than 20 consultants, agents, technical developers and website administrators is spread in many cities. In this fake investment scheme, money has been taken from 3,164 people. Of these, 2,388 people came under the guise of AV Solutions and IIT Capital took money from 776 investors. A total of Rs 850.59 crore was recovered from them. Of these, 618.23 crore rupees were partially returned and the accused escaped by keeping Rs 232.36 crore with him.
Arrest in Hyderabad on August 19
The police have arrested Gaddam Venugopal (native to Prakasham district of Andhra Pradesh) and Shreyas Paul (resident of Ballari of Ballari), director of AV Solutions and Srinivas Analytical Private Limited and working in AV Solutions. According to the report, the arrest of the accused was made in Hyderabad on 19 August. Police recovered two expensive cars, 11 laptops, 3 mobiles, backnd trading accesses, 3,164 customers database, 14 check books, 30 prominent notes (Rs 3.37 crore), property documents, company seals, Manikonda and Happy Homes.
Trying to make yourself valid
Fraud websites – www.iitstockmarket.com, www.myshareprofit.com, www.avgroups.org, www.fehufin.com, www.tradeonnumbers.com, www.smalgo.com, www.smalgo.com, www.smalgo.com, www.srimaata.com and www.maheshwaraadvisoryservices.com was. The accused showed fake NISM/NSE/BSE Certificates to show themselves right, organized investment seminars in Andhra Pradesh and Telangana, opened a magnificent office and thus won the trust of investors. The target of these cyber criminals included middle class and retired people.
Police investigation revealed that a part of the amount taken in this pongy scheme was put in trading, while 40-50 percent amount was used to give returns to old investors. The remaining amount of money used to be withdrawn for the use of himself. In this way, investors were implicated by showing fake trading and profits figure.
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