Cyber Crime Branch arrests two persons | Photo Source: Special Arrangement
The cyber crime wing of the Central Crime Branch (CCB) in Chennai has arrested two persons for their alleged involvement in an online stock trading scam, in which a woman from the city was allegedly defrauded of Rs 1,027 crore.
Police said the 45-year-old complainant, wife of a businessman from Kotturpuram, had seen an advertisement for investment trading tips on social media a few months ago and subsequently joined a WhatsApp group.
She then downloaded an online stock trading app through a link sent by an unidentified person in the group, enticing her to invest in stock trading through the app “for huge profits.”
Convinced by their pitch, she deposited a total of Rs 10,27,06,364 through online transfers between April and July into various bank accounts mentioned by the fraudsters. The scammer showed inflated profits on a dummy account on the app, but the profit amount was not reflected in her actual bank account.
When the complainant tried to withdraw the money, the scammer demanded more money from her. It was then that she realized she had been duped and that the entire adventure was a scam.
In August, she lodged a complaint with the office of the Greater Chennai Police Commissioner, upon which the cyber crime branch registered a case.
On the instructions of Commissioner of Police A. Arun, a special team headed by Cyber Crime Squad Inspector Hema was formed to track the criminals.
“We immediately froze Rs 4.6 million and the remaining amount was quickly transferred to Malaysian agents who could be the prime suspects,” a senior official said. “After careful examination of social media posts, WhatsApp messages, phone numbers and bank account details Information, we located the recipient’s account holder and arrested them.
Police arrested 36-year-old Rajesh Ram from Pozhichalur and 42-year-old Srinivasan from KK Nagar in Chennai. Three mobile phones used in the crime, two Aadhaar cards and one PAN card were recovered from the possession of the accused.
Police said the defendants opened multiple bank accounts with the aim of tricking people into transferring funds, which were then transferred to Malaysian agents.
Commissioner reminds the public
In online investment and part-time scams, victims are targeted through fake advertisements on social media platforms such as Facebook, Instagram and YouTube, police said. Fraudsters provide links to fake stock trading apps and websites to lure people into investing and opening fake demat accounts with false promises of super profits.
The Commissioner reminded the public to be wary of such highly profitable investment advertisements as well as fake investment apps and websites and advised them not to transfer funds to unknown bank accounts.
The police said that when such crimes occur, the public is asked to call the Internet crime hotline 1930 or make a complaint.
Published – November 6, 2024 at 5:40 pm (India Standard Time)
