Saturday, June 24, 2017

Vishing frauds | Cops should deal aggressively

Instances of unsuspecting victims falling prey to ‘vishing’ frauds, in which callers scam people into surrendering their confidential personal information, and then using them for identity theft, are becoming rampant in the city.
While hundreds of vishing cases are reported each year, Mumbai Police’s conviction rate in these cases is quite low. Attempts at burying such cases to keep their numbers on police records low should be avoided, and police should instead actively encourage victims to come forward and report cases even if the amount involved is not high.
Local police stations should keep check on call centres operating in their respective areas of jurisdiction. It is also incumbent on mobile phone service providers to ensure that proper verification of identity and address proof is done while issuing SIM cards, which can help police zero in on fraudsters who call from mobile phonenumbers to perpetrate frauds. Stripping away the anonymity these callers enjoy will make execution of frauds tougher.
Police should launch an aggressive crackdown on vishing cases to send out a strong message to fraudsters, and this should be matched by an equally aggressive awareness campaign on the perils of sharing confidential information over the phone to callers posing as bank executives. Ultimately, it is the average citizen who needs to be more vigilant and refuse to share confidential personal information with a faceless caller.

Noida Ponzi scam: ED attaches assets worth over Rs 55 cr

The ED today attached assets worth over Rs 55 crore in connection with its probe in the alleged Rs 3,700 crore ponzi scam perpetrated by a Noida-based firm which had promised money in lieu of 'likes' on social media to lakhs of gullible investors.
The Enforcement Directorate (ED) had in March attached assets worth Rs 599 crore. With this attachment, the total value of seized assets in the case has gone up to over Rs 654 crore.
A provisional attachment order issued by the central probe agency's Joint Director Rajeshwar Singh (Lucknow zonal unit) said an amount of Rs 40 crore lying in a Yes bank account, Rs 5.09 crore funds kept in an escrow account of ICICI bank, fix deposit receipts of Rs 3.61 crore and a commercial property in Greater Noida worth over Rs 6 crore has been attached under the Prevention of Money Laundering Act (PMLA).
The value of assets attached under today's order is over Rs 55.43 crore, a senior official said.
The case involves a firm named Ablaze Info Solution Private Limited and it is owned by the alleged kingpin of this alleged Ponzi scam case -- Anubhav Mittal.
Mittal has already been arrested.
Mittal, the agency had said, had collected "several thousand crore of rupees from the customers of his company by false inducements and later siphoned off the same by means of generating false or bogus bills/invoices with the assistance of various persons who are under scrutiny." The ED had on January 5 registered a criminal case under the PMLA based on an FIR of the Uttar Pradesh Police's Special Task Force (STF) which had first unearthed the alleged illegal ponzi or multi-level marketing scam.
"The modus operandi of the accused according to their business scheme as alleged were that through their web portal they promoted a scheme where by liking the webpage, which were fictitiously shown associated to international social media groups like Google and Facebook, the users will earn money.
"The accused persons propagated a false story that the promotional web pages linked on these international social media portals pay Rs 6 per likes out of which they pay Rs 5 to the investment/user," the agency had said.
The probe agency had said the fraudsters allegedly cheated about 6.5 lakh gullible investors of an estimated Rs 3,700 crore, a fraud bigger in value than the infamous Saradha chit fund scam of West Bengal and Assam which is pegged at Rs 2,500 crore.

Wednesday, June 7, 2017

In order to confuse the authorities fraudsters use mobile wallets to transfer the stolen money instead of directly transferring it

The inter-connectivity of social media and E-wallets for banking on mobile has become the perfect hunting ground for cyber crime. In the cashless society, the fraudsters are coming up with several new modus operandi/tricks to dupe victims and to be untraceable. The recent one is phishing callers using E-wallets to siphon money, The Mumbai police have received several complaints recently wherein the victim gets a call from the fraudsters and after hacking into E-wallet money, siphons the money.

In one of such complaint registered in the Sahar Police Station, a 21-year-old youth lost Rs 20,000 from his bank account. This time the fraudster used E-wallet to siphon the money as the wallet was linked with the bank hence the fraudster hacked the E-wallet.

The investigators say the modus operandi of fraudsters has changed a bit as they use mobile wallets to transfer the stolen money instead of directly transferring it as it helps them confuse the authorities and be untraceable.

Meanwhile, in another case registered in BKC police station, a 25-year-old was duped for Rs 40,000 by such a fraudster posing as a customer care executive, using her mobile wallet. The accused had hacked her wallet and siphoned money from it. "The fraudster used the e-wallet to mislead us as he transferred the money to different mobile wallets. During the course of the probe that has been initiated, we found that the money was transferred to different e-wallets registered through phone numbers that were procured using fake IDs. Once the money got deposited to the e-wallets, they were further transferred to different bank accounts. The source of these accounts were traced to Patna, in Bihar," said an investigating officer of the case from BKC police station.

Shubham Singh, Cyber expert says, "For fraudsters, using digital wallets is an easier option because the bank account number obtained gets added to the wallet and the OTP gets generated instantly. Once the OTP is shared, the money gets transferred, and the trail ends."
Don't give hackers access to your phone:

The cyber police officer attached with Bandra Kurla Complex cyber police station says, the more we are being digitised, the more ways cybercriminals are finding to siphon the money.

Explaining another modus operandi the police officer says, the victims are lured into the cyber scam through links circulated on WhatsApp. Unassuming users are then led to a fake website which infects their phones with malware and trojans, allowing the scammer to remotely hack the phone and acquires net banking and e-wallets access too. Hundreds of complaints have been lodged in BKC cyber police stations.
Verify your account details:

In these cases victims get an email supposedly from their bank, or say a payment gateway, asking them to 'verify the details of their account' or something like 'Act now, or your account will be deactivated' or something as serious as 'your account has been breached'. The email contains a link; clicking on which takes them to the page of their bank or payment gateway and they are quite easily fooled as the page looks deceptively similar to the original one. On reaching there, a victim is asked to fill in details related to their account, including the account number, password and other sensitive personal information like birthday, address etc. When the miscreants get hold of the account details, they will be armed to siphon with the money.
Credit/debit card frauds:

Though the Mumbai police and banks have repeatedly warned the citizens to not to share their sensitive banking information to anyone the statistics show that the instances of card fraud are increasing.

According to the comparative statistics first four months of 2016 and 17 show, the card fraud is still rising. In first four months of 2016, as many as 171 cases were registered with Mumbai police while in 2017 it is 197 surpassing last year's cases.

Experts say, in these cases, precautions are better than cure as the fraudsters would not be able to do anything unless you share the credentials with them. However elite class has been more cautious about such fraudster callers, the middle class and the lower class have been now targeted by the fraudsters. The callers nowadays have started abusing and threatening the victims when they don't fall prey for such scams.
The detection rate of Cybercrime alarming;

As DNA had reported earlier the number of cases solved by the cyber cell have remained consistently low for the last four years, with only 20 percent success rate.

Eighty per cent of the cases registered in the year 2016 remains undetected, according to the statistics shared by the cyber cell.

On asking about tracking the cyber frauds the senior police officer said,"People should be more aware of the cyber security, we try our best to spread awareness through social media and detect the cyber cases but it has become challenging for us as most of the criminals use foreign servers to remain undetected. We have been continuously working to crack down online frauds and are closing down websites that have been suspicious in nature, but as we close one the other opens up with another name and server," said a senior officer from the cyber police station.

The officer also added that "There is a need to upgrade skilled manpower and technology to help detect cases more swiftly,"
Experts advise box

Cyber expert Vijay Mukhi says "Cyber crime is rising by an order of magnitude. Going cashless is a great idea but we need a cyber deterrence which India does not have. We have allowed hackers to steal our money without the fear of a jail term.The rate of hacking will grow exponentially over time as hackers all over the world will start stealing our money. The users should be more cautious while using e-wallets and net banking,"

Shubham Singh Cyber Expert said, "One should never put their credentials of E-wallets on any gateways or on another platform. Should always use official websites to download any app related banking services and avoid using the third-party application for downloading."

"There are several cases of fraud registered, one should never share their credentials with anyone and be pre cautious while using e-wallets and net banking," said Akbar Pathan, Deputy Commissioner of police(cyber).
Dos

Use official websites for downloading banking app.

Use pass lockers for Whatsapp and other messengers to avoid it being hacked.

On coming across any suspicious activity, alert the bank and police.
Don'ts

Do not share your credit/debit card number, PIN and OTP with anyone.

Hyderabad woman loses Rs 14 lakh in 'matrimonial fraud'; one held



He was brought to Hyderabad from Delhi on a transit remand today, Rachakonda police commissioner Mahesh M Bhagwat said. 

A man was arrested from Delhi for allegedly being part of a gang that cheated a city-based woman software employee of Rs 14 lakh in a "matrimonial fraud", police said today.

The accused, identified as Rashid Khan, was arrested as the woman had deposited her money in his bank account. He was brought to Hyderabad from Delhi on a transit remand today, Rachakonda police commissioner Mahesh M Bhagwat said.

"Khan has confessed that he is working for an Indian handler mediating with a Nigerian national who is the kingpin in this case. For each transaction, Khan was getting 10 per cent commission," the commissioner said, adding that police have identified all other accused involved in the case.

The officer said the woman complainant got her profile registered on a matrimonial website seeking groom and on February 7 this year she received a message from one 'Dr Sumanth Bharath' who identified himself as a UK-born doctor of Indian origin, expressing his willingness to marry her.

"Subsequently, both of them started communicating with each other over WhatsApp and exchanged family photographs. In April, the person who claimed to be doctor said he is intending to visit India along with his sister and the latter's five-year-old son, and asked the victim to make payment to a consultant for their Indian visa," Bhagwat said.

He said when the woman expressed her inability to pay to the consultant cum travel agent, 'Dr Bharath' told her that he will be sending one million UK Pounds through an agent.

"After two days, she got a call from the so-called agent stating that the container of this currency has arrived but got stuck up with the Customs department," the commissioner said, adding that the agent then told the woman to pay for various charges like Customs clearance etc. at Delhi airport.

The officer said the woman was sent some photographs of bundles of the UK currency to convince her about the arrival of money.

"The woman walked into the trap of fraudsters and deposited Rs 14 lakh in various bank accounts in India. She realised that she got cheated when the demand for more payments was made. She approached cyber cell of Rachakonda Commissionerate on May 15," Bhagwat said.

A case was registered under relevant sections of the IPC and IT Act.

Khan was arrested after the police brought his bank account under scanner.

Police suspect involvement of Nigerian nationals in such "matrimonial frauds" that have been cracked in the past two years.

Friday, June 2, 2017

The accused Anubhav Mittal (2nd from right) and Sridhar Prasad (left) were arrested by the Uttar Pradesh Special Task Force (STF) for an online trading scam worth over Rs 3,700 crore, in Noida.

Rs 3,700-cr ponzi scheme: Investors in Noida firm could get back their money

Lakhs of people who were allegedly duped of an estimated Rs 3,700 crore by a Noida-based company might get back part of the money they had invested in the click-to-earn scheme.

Lakhs of people who were allegedly duped of an estimated Rs 3,700 crore by a Noida-based company might get back part of the money they had invested in the click-to-earn scheme, an investigating officer said on Saturday.

Investigating agencies probing the scam by Ablaze Info Solutions Limited have frozen two bank accounts with deposits of more than Rs 500 crore. Besides they have also seized other assets worth crores of rupees owned by Anubhav Mittal, the arrested founder and director of the company.

Uttar Pradesh police have received more than 400 complaints, some from abroad, in the last two months over non-payment of dues by the company.

“The good news for investors is that we have seized Rs 524 crore in banks and also assets worth several crores. This money will be used to pay back to those who have made investments to the company. But this job will be carried out by the court not by police,” said Amit Pathak, the senior superintendent of police, special task force.

Besides Mittal, the company’s CEO Shridhar Prasad and technician Mahesh Dayal are in also in jail over the alleged fraud, said to be one of the biggest online scams busted in the country.

House of Investments cheating

House of Investments (HOI) had promised investors monthly 2% returns over their investments.


Another financial scam has come to fore in Nashik where investors with the House of Investments (HOI) — a private company that promised them monthly 2% returns over their investments — failed to get the returns promised to them.

A complaint against the company and its directors has been filed with the police. The managing director, however, said that he had no intentions of cheating and would return the money to the investor in one-and-a-half month. According to the complaint, more than 3,000 investors from in and around the district have invested money with the HOI. The company had convinced them to invest in big projects which it handled like real estate, shares and gold and had assured them interest of 2% per month over their investment. The investors, among whom are salaried persons, professionals, farmers invested their money and got the returns for the first few months. Then after the agents and the directors Vinod Patil and Sushant Kothule started delaying the payment. The investors then approached the police with a complaint.

The investors also claimed that after they approached the police they were threatened. On June 17, the company had invited all investors to attend the opening of a new office. However, angered that their money was not being returned, the investors gathered at the office of HOI at Gangapur Road and broke the glass panes.

The following day, Vinod Patil, director of HOI addressed a press conference and clarified that he had no intentions of cheating and would return the money. "I have held a meeting with the investors and have assured them that their money will be given to them as promised," Patil said. He, however, asked for time till July 27, 2016 to return the amount of around Rs 29 crore. He further said that he has handed over his passport to the police and had no intentions of running away.

Badlapur-based 'S.Samudra’s Sagar Investments' involved in cheating investors

Police accused of shielding investment firm involved in cheating investors



Over 4000 gullible middle-class investors, including a sizable number of pensioners, who have been duped by a Badlapur-based 'S.Samudra’s Sagar Investments', after the firm accepted their deposits worth lakhs of rupees, have decided to organise a massive agitation against the Thane police for its failure to register an offence against the accused.

The investors, who have formed a committee under the leadership of Shiv Sena Corporator, Shailesh Wadnere, in a meeting held in Badlapur in Thane district on Tuesday, decided to gherao the Thane police commissioner for its refusal to lodge a formal complaint against the absconding accused, whose offices remain closed.

Over 125 duped investors have already submitted a memorandum to the Kulgaon police, on May 3 with copies to the Thane Police Commissioner Param Bir Singh, demanding action against Shriram Samudra, Anagha Samudra, Suhas Samudra and Bhakti Samudra said to be the directors of the S.Samudra’s Sagar Investments. But the police are yet to take any action against the investment firm.

The complainants have stated that they had invested their money with the firm which offered them yearly 18 percent interest on their deposits. Initially, the firm used to pay the interest regularly. But after demonetization of currency on November 8, 2016, the firm stopped paying interest and by February this year, it closed down all its offices located at Sagar House, near Anant Nagar, Kulgaon, Badlapur(East), Shiv Shankar Building, Lele Ali, Tilak Chowk, Kalyan(West), Pranav Omkar Apartment, Manpada, Dombivli East and Raj Darshan, Dada Patil Wadi, Thane West.

Wadnere said that it is surprising that the police are not registering even a formal complaint against the accused, who is certain to have run away out of India by now. It is not clear whether he is backed by any politician. However, we will not give it up and stage a series of agitations till such time the accused is arrested.

When contacted Shiv Sena MP, Dr Shrikant Shinde, said that every effort would be made to give justice to the duped investors. Nearly 60 percent of the investors are retired pensioners, he added.

Repeated attempts by this correspondent to reach Thane Police Commissioner, Param Bir Singh and DCP (EOW) Sandip Bhaji Bhakre failed.

ABOUT ‘SI’
'Sagar Investments' operating since 1988, claiming to be a SEBI approved sub-broker, was offering advice on investments, insurance, retirement plans and was running many money-doubling schemes. It also claimed to be offering a wide range of services for high net worth Individuals, and NRIs, under one roof.

However, today thousands of middle-class people, who have deposited their lifetime earnings with the company are running from pillar to the post to recover their money with no concrete help from anyone.

Sagar Investments for allegedly duping 4,000 investors of Rs 400 crore.

The Economic Offences Wing of the Thane police has registered a cheating case against Sagar Investments for allegedly duping 4,000 investors of Rs 400 crore.

The firm, promoted by the Samudra family, has been functioning for 30 years and had investors from Badlapur, Ambernath, Kalyan, Thane and Pune. The case has been registered against directors Suhas, Sunita, Shriram, Anagha and Bhakti, all directors, and their employees.

The firm offered 15% interest for many years but defaulted since last November, prompting investors to lodge a police complaint with the Badlapur police. Sagar Investments, operating since 1988, claiming to be a Sebi-approved sub-broker, was offering advice on investments, insurance, retirement plans and was running many money-doubling schemes. It also claimed to be offering a range of services for high net worth individuals, and NRIs under one roof.

The EOW has received over 300 complaints from investors, Sulbha Patil, senior police inspector of EOW, said. Every day, new investors are lodging complaints, an officer said.

Thane police commissioner Parambir Singh had ordered a probe. Patil said, "Most investors are senior citizens who have invested their retirement benefits with the firm.''
EOW officials recorded the statements of Suhas and Sunita, who started the firm in 1988, on Friday evening. The officials are checking assets and have asked for details about the firm's bank balance.

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