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Firm dupes investors through mobile app | Vijayawada News

A major online scam came to light after customers approached Vijayawada cops on Saturday, citing that they were duped by a company identified as ‘LoveLife – Natural and Health Care’.
According to cybercrime police in the city, LoveLife lured customers by offering them high returns on investing in the company’s medical and life saving equipment through their mobile application. Looking to make money during the ongoing pandemic, customers invested amounts ranging from Rs 1,000 to lakhs. Initially, the customers received returns on some small investments they made to check the authenticity of the scheme.
But later, they realised they had been cheated after the company did not disburse the returns. Cops said one of the complainants, T V Srinivasa Rao, who works for a private firm, initially invested Rs 1,000 and received a return of Rs 400 from the company. Setting his hopes high, he then spent Rs 30,000 and purchased equipment such as an oxygen cylinder and disinfectant sprayers. After the company stopped disbursing the money, Rao lodged a complaint with the police.
Sources said the total scam could be to the tune of Rs 100 crore as over 10 lakh people in Vijayawada alone invested via the mobile application. A case has been registered and further investigation is underway. Cybercrime inspector Kagitha Srinivas said they have received four complaints so far. Cops said they are looking into the financial transactions of the company and trying to identify its…

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