Online Fraud: Thiruvananthapuram Cyber Police arrested a Palakkad man for allegedly duping a resident of ₹1.19 crore through a fake online share trading and investment scam.
Thiruvananthapuram: The Thiruvananthapuram City Cyber Crime Police have arrested the main accused in a massive online share trading scam. Ramesh, a 47-year-old from Kannadi in Palakkad, was nabbed for allegedly cheating a Kadakampally resident of ₹1,19,83,304.
The scammers first contacted the victim through social media. They posed as a well-known investment company based in the UK and promised to more than double his investment through online trading. To make their scam look genuine, they used a fake mobile app that looked exactly like a real stock market trading platform. They also created WhatsApp groups to build trust among potential victims.
Cyber Fraud
The Kadakampally resident fell for the trap and transferred the money in stages to various bank accounts provided by the fraudsters. When he didn't receive any profits or get his initial investment back, he realised he had been cheated and filed a complaint.
Related Articles
Given the rise in such cybercrimes, the Thiruvananthapuram City Police Commissioner set up a special team to investigate the case. The team tracked bank transactions and mobile tower locations using advanced cyber investigation techniques, which finally led them to Ramesh. Police have seized several mobile phones, electronic gadgets, and fake documents used for the scam.
The police have issued a warning to the public. They advise people not to fall for promises of huge profits from strangers on WhatsApp and Telegram groups. They also stressed that all trading should be done only through SEBI-approved brokers.
