Investigation reveals shocking facts about multi-crore mobile app fraud
Police investigating the multicrore online fraud committed via a mobile app, to their dismay, discovered that the organizers had no head office or branch anywhere. Company executives were not seen anywhere and left no phone numbers.
Many PAs, Telangana and other states paid huge sums to the organization which promised clients that the money invested by them would be used to buy medical equipment and rent it to needy clients. The rent thus generated would be paid to the investors.
The organizers widely publicized their business plan through various social media groups and offered incentives to those who brought new clients to the business.
Organizers have reportedly paid returns to some investors to encourage new customers to the business, but payments have been halted in recent months and the app has stopped responding.
Realizing that they had been deceived, many victims turned to the cybercrime police and filed complaints.
Cybercrime Inspector K. Srinivas, who is investigating the case, said unidentified people launched the tiered online marketing app and invited investments. They offered a commission to people who introduced new customers.
âCustomers have deposited amounts ranging from 10,000 to 1 lakh into the business and have also brought in new customers for commission,â he said.
Investigators are trying to uncover the activities of the scam app, the people behind the multi-crore scam, and the details of the bank accounts the money was deposited into.
Many victims had submitted details of financial transactions made through the app to police in recent months.
âI had paid around 40,000 yen to the medical equipment company that claimed to have bought equipment and rented it to patients. Some of my family and friends have also transferred money to the app. Initially, I received rent for equipment that would have been purchased in my name, but then payments ceased, âsaid a victim at the cybercrime police station.
“We are investigating various aspects such as the state or country from which the app was operated, how many people were duped and to what extent, to which bank accounts the money was deposited, whether agents have been appointed to develop the business and the purchases made, âsaid an investigator The hindu on Sunday.