Six men held for online share trading scam 

The Cyber Crime Wing of Tamilnadu Police has arrested six men for swindling Rs. 96.5 lakh by running an online share market trading business.

Last June, a petitioner from Madurai reported being defrauded of Rs.96. 5 lakh after responding to a Whatsapp advertisement promoting a high-profit ‘international share market trading business’. Trusting the claims, the petitioner transferred funds across multiple bank accounts. Eventually he realized that he had been deceived when the promised returns were not provided, hence he lodged a complaint with the Madurai District Cyber Crime Police Station for legal action and recovery of the lost amount. The team conducted an inquiry on the frozen sum of Rs.38 lakh found in various bank accounts associated with the suspects.

Upon analysing the victim’s transaction details, it was discovered that an amount of Rs 22 lakh was sent to a single account, which was then transferred to two accounts belonging to Seeni Mohamed from Alwar Thoppu, Thennur, Tiruchi. Further analysis revealed that he had withdrawn the cash via cheque from his bank accounts. The Cyber Crime Police have frozen his accounts and the special team arrested him.

Based on further investigation, it has come to light that, under the instruction of an individual named Ibrahim from Uraiyur, Trichy and four others- Mohamed Sabeer, Mohamed Riyaz , Mohamed Azharudeen from Tiruchi and Mohamed Marzuk from Ayyampettai, Thanjavur executed the scam.

Furthermore, the accused withdrew the fraudulent cash and handed it over to the person who brought the code word received through their WhatsApp. This money was then transferred to other bank accounts with the accused receiving a commission of Rs. 1,000 for every 1 lakh amount transferred. The special team arrested the six suspects. The investigation revealed that the suspects had utilised multiple bank accounts, laundering approximately 1 crore from the public and transferring it to various accounts through this method. Preliminary inquiries indicated that these individuals were involved in cyber offenses in multiple states, including Karnataka, West Bengal, Delhi and various regions in Tamil Nadu.

Published - November 14, 2024 12:01 am IST