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Goa Cybercrime Police have arrested a 30-year-old Telangana resident in connection with an alleged ₹95 lakh online investment fraud. The accused, identified as Kota Venumadav, was apprehended in Hyderabad following an investigation into a complaint involving fraudulent investment advertisements and multiple bank transfers. Police have also restored ₹21 lakh to the victim.
How Did the Investment Fraud Begin?
The case came to light after the victim lodged a complaint with Goa Cybercrime Police in October. According to investigators, the complainant was attracted by an online advertisement promoting investment opportunities.
The victim subsequently received telephone calls and messages encouraging investment through what was presented as a legitimate investment platform.
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The communications allegedly persuaded the complainant to transfer money, resulting in substantial financial losses.
How Was the Victim Cheated?
Police said the victim transferred funds through multiple transactions into several bank accounts after being convinced to invest through the advertised platform. The total amount involved in the alleged fraud reached approximately ₹95 lakh.
The case highlights how fraudulent investment advertisements can be followed by direct communication intended to persuade potential investors to deposit substantial sums.
Investigators are examining the suspected financial transactions and the circumstances surrounding the alleged fraud.
How Was the Accused Arrested?
Superintendent of Police (Cybercrime) Jivba Dalvi said a police team headed by Inspector Sujay Korgaonkar was sent to Hyderabad as part of the investigation.
The team apprehended Venumadav in Hyderabad and subsequently brought him to Goa on a transit warrant.
The arrest forms part of the continuing investigation into the online investment fraud complaint.
How Much Money Has Been Returned?
Police confirmed that ₹21 lakh has been restored to the victim following action taken in the case.
The amount represents part of the approximately ₹95 lakh involved in the alleged fraud. Investigators are continuing their examination of the case, including the financial transactions associated with the suspected investment operation.
What Advisory Have Police Issued?
Following the case, police urged citizens to remain cautious about online investment advertisements promising unusually high or guaranteed returns.
Investors have been advised to verify investment platforms and financial intermediaries through official channels before transferring money.
For foreign exchange transactions, citizens should follow Reserve Bank of India advisories and avoid responding to unsolicited investment calls, messages or advertisements.
Police also urged people to report suspected cyber financial fraud immediately. The investigation is being conducted under the overall supervision of Inspector General Ved Prakash Surya.
