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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Share market fraud: Cases of fraud in the name of stock market are constantly coming up. A similar case has now come up from Noida, in which a businessman has been cheated by a businessman in the name of investment in the stock market. He was given a link to some fake websites by showing the greed of high returns on investment in the stock market.

These links made for investment

According to media reports, the person living in Sector 44 of Noida received a call from a woman on January 27, who called her name Rishita. The woman somehow persuaded them to invest through catalystgroupstar.com and pe.catamarketss.com. Both links redirected them to the second portal M.Catamarketss.com.

Continuing investments

The victim initially invested Rs 1 lakh from his sister’s account on 31 January. A day later, he received the news of a profit of Rs 15,040. They withdraw this money. Now his trust in the scheme increased further. He was so excited by this profit that till February continuously investing in this scheme continuously. Based on the instructions given by Rishita, she invested a total of Rs 65 lakh in different accounts. He was assured that his investment has increased to Rs 1.9 crore.

Every time money started asking for money

However, to withdraw this money, they were first asked to pay Rs 31.6 lakh as tax. He also deposited these money at the beginning of March. After this, the fraudsters asked for a separate Rs 18.6 lakh in the name of release of funds within 24 hours. Despite paying, neither he got his investment amount nor got the profit amount. Instead, the fraudsters asked for 40 lakh rupees from them. Now he started to suspect that something wrong has gone to him.

Further investigation continues

After this, he lodged a complaint with the National Crime Record Bureau and Cybercrime Police without delaying a minute. A case has been registered under Section 318 (4) (fraud) and 319 (2) (identity) of the Indian Code (BNS) and Section 66D of the IT Act. Officers are now investigating the matter.

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