Several officials from Visakhapatnam have been caught in the nationwide QVSE online trading app scam, Andhrajyothy reported. Thousands of victims have lost crores of rupees in this fraudulent scheme.
According to Andhrajyothy, the app lured people with promises of high returns on online trading. Andhrajyothy stated that thousands of victims in North Andhra have lost crores of rupees in deposits.
Andhrajyothy reported that an RTC director-level official and a police official are rumored to have received lakhs of rupees in commissions from this scam. It is reported that the RTC official received one crore rupees and the police official also received one crore rupees.
Many individuals joined this scheme hoping for high commissions, as reported by Andhrajyothy. This indicates a widespread fraudulent network.
This scam affects residents of Andhra Pradesh and Telangana, particularly in Visakhapatnam and the North Andhra region. It serves as a cautionary tale about online trading apps and schemes promising exorbitant returns.