Two held on charge of online share trading fraud in Kannur

Complainant’s brother, residing abroad, was lured into the scheme through trading instructions sent via WhatsApp

The Kannur Cyber Crime police have arrested two Kasaragod natives on Saturday (November 16) for allegedly defrauding ₹47.31 lakh from a resident of Chalad, Kannur.

According to the police, the accused Abdul Samadani, 35, of Thalangara and Abdul Majeed, 67, of Pallikkara, reportedly promised substantial returns through online share trading via WhatsApp.

The complainant’s brother, residing abroad, was lured into the scheme through trading instructions sent via WhatsApp. He deposited ₹5.2 lakh into Samadani’s account and ₹8 lakh into Majeed’s, believing in promises of high profits. However, withdrawal attempts were blocked by alleged “technical issues” revealing the fraud.

The accused withdrew the deposited amounts using cheques before their arrest. The investigation team was led by inspector Biju Prakash. Further inquiries are under way to determine the extent of the scam.

Published - November 17, 2024 08:41 pm IST