The Cyber Crime Wing of the Tamil Nadu Police has arrested six individuals for defrauding ₹96.5 lakh through an online share market trading scam.
The incident came to light in June when a petitioner from Madurai reported being tricked into losing ₹96.5 lakh after responding to a WhatsApp advertisement promoting a high profit “international share market trading business.” Believing the claims, the victim transferred money to several bank accounts, but after seeing no returns, he realized he had been scammed. The victim then filed a complaint with the Madurai District Cyber Crime Police, requesting action and recovery of the funds.
The investigation focused on ₹38 lakh that had been frozen in various bank accounts linked to the suspects. Upon further examination of the victim’s transaction history, investigators found that ₹22 lakh had been sent to a single account, which was later transferred to two accounts belonging to Seeni Mohamed from Alwar Thoppu, Thennur, in Tiruchi. Additional investigation revealed that Mohamed had withdrawn the funds using cheques. His accounts were subsequently frozen, and Mohamed was arrested.
As the investigation progressed, it emerged that the scam was masterminded by Ibrahim from Uraiyur, Trichy, who worked with four accomplices: Mohamed Sabeer, Mohamed Riyaz, Mohamed Azharudeen from Tiruchi, and Mohamed Marzuk from Ayyampettai, Thanjavur.
The suspects had reportedly withdrawn the fraudulent funds and handed them over to a person who provided a code word via WhatsApp. The money was then funneled through multiple bank accounts, with the accused receiving a commission of ₹1,000 for every ₹1 lakh transferred.
The cybercrime team arrested all six suspects and uncovered that they had laundered approximately ₹1 crore through a network of bank accounts. The investigation further revealed that these individuals were involved in similar cybercrimes across several states, including Karnataka, West Bengal, Delhi, and various regions in Tamil Nadu.
(With inputs from The Hindu)
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