A doctor from Kerala has been defrauded of Rs 4.43 crore in a complex online trading scam, officials confirmed on Monday. The state’s cybercrime unit has arrested two men linked to the case.
The accused, identified as Mehbubasha Farooq from Chennai and Rijaz from Perumbavoor in Ernakulam district, were taken into custody by the Kannur City Cyber Crime Police from Chennai on Sunday evening, according to an officer at the Kannur Cyber Police Station.
The victim, a resident of Mattannur in Kannur district, was targeted in June when he was added to a WhatsApp group promoting an online share trading plan. The group, operated by the accused, promised significant returns on investments in what turned out to be a fake online trading platform.
According to the police, the doctor was persuaded to invest large sums under a so-called “wealth profit plan” run under the fake company name Upstock. The doctor deposited funds into multiple bank accounts as directed by the accused. While the trading application displayed profits, the platform became unresponsive when he attempted to withdraw the money. He eventually filed a police complaint on June 25.
“We have traced about Rs 40 lakh deposited by the accused in their accounts. Besides this, the cyber police detected as many as 18 more accounts in the name of various individuals to transfer the money earned through online fraud. The matter is under investigation now,” said the officer.
A portion of the funds was reportedly transferred abroad. However, the cybercrime officer confirmed that no terror link had been found during the investigation.
The cybercrime team tracked the accused by tracing bank account details and mobile numbers linked to the fraud. Following a detailed investigation, the financial trail led to their arrest in Chennai. Authorities are now investigating the possibility of a larger network and identifying other potential victims of this scam.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
