This story is from December 1, 2020

Hyderabad: 4 fraudsters dupe 2,500 investors of Rs 7 crore

Four persons who allegedly operated an online investment firm Stemcor Max Hedge and duped around 2,500 investors to the tune of Rs 7 crore by collecting investments from them and promising to pay 5% interest per day, were arrested by Cyberabad police on Monday.
Hyderabad: 4 fraudsters dupe 2,500 investors of Rs 7 crore
Cyberabad commissioner VC Sajjanar examines the items seized from the accused on Monday
HYDERABAD: Four persons who allegedly operated an online investment firm Stemcor Max Hedge and duped around 2,500 investors to the tune of Rs 7 crore by collecting investments from them and promising to pay 5% interest per day, were arrested by Cyberabad police on Monday.
At a press conference, Cyberabad police commissioner VC Sajjanar said that the accused, identified as Nanda Kishore, C Anand Reddy, B Avinash and T Srinivas Rao, were arrested.
All four accused hail from Visakhapatnam in Andhra Pradesh.
The fraud came to light after an assistant engineer in Telangana State Southern Power Distribution Company Limited (TSSPDCL) lodged a complaint against the firm with the Cyberabad police. The assistant engineer had come across an online advertisement of the firm in October and visited their website, following which he found that the business has both a website www.stemcormaxhedge.com and a mobile phone application. “When the engineer contacted the executive, they said that for the money invested, they will pay 5% interest per day for 60 days to the investor. If an investor introduces one more customer to the company, the investor will be given 10% commission on the amount to be invested by the new customer. The customer paid Rs 1.60 lakh and he got a return of Rs 15,320 and was later defaulted,” police said.
The accused projected the firm as a UK-based company. The accused had committed the fraud using laptops from various locations.
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