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Kerala Doctor Duped Of Rs 4.43 Crore In Online Trading Fraud; 2 Arrested

Kerala Doctor Duped Of Rs 4.43 Crore In Online Trading Fraud; 2 Arrested
The victim was directed to deposit funds into various bank accounts as part of a "wealth profit plan".

Highlights

  1. Two men from Chennai were arrested for duping a doctor of Rs 4.43 crore
  2. The accused operated a fake trading platform called Upstock through WhatsApp groups promising high returns
  3. Some of the defrauded funds were transferred abroad, investigation into the financial trail is ongoing
Kannur: 

The Kerala Police's cyber crime unit arrested two men from Chennai in connection with a sophisticated online trading fraud that defrauded a doctor in Kannur of Rs 4.43 crore, officials said on Monday.

The accused, identified as Mehbubasha Farooq and Rijaz, were arrested by the Kannur City Cyber Crime Police from Chennai on Sunday evening, said an officer at the Kannur Cyber Police Station.

Farooq is a resident of Chennai, while Rijaz hails from Perumbavoor in Ernakulam district and has been settled in Chennai, he added.

The duo allegedly operated a fraudulent scheme through WhatsApp, promising the victim substantial returns on investments in a fake online trading platform.

The police said that the accused lured the doctor, a resident of Mattannur in Kannur district, into a WhatsApp group that promoted an online share trading plan, assuring him of significant profits in June.

The victim was directed to deposit the funds into various bank accounts as part of a "wealth profit plan" under a fake company's guise, identified as Upstock.

“We have traced about Rs 40 lakh deposited by the accused in their accounts. Besides this, the 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.

He said that a part of the money was found to have been transferred abroad, adding that further details could not be disclosed at this stage.

He said that no terror angle was found during the investigation. Though the trading app would show the profits earned, he found the platform unresponsive and could not withdraw the amount, prompting him to approach the police to file a complaint with the police on June 25.

"The victim was led to believe he was making lucrative investments, but the entire setup was a sham," the cyber police said.

The police said the cybercrime team apprehended the accused by tracing their bank account numbers and mobile phones used for the crime. A detailed investigation was launched, and the police were able to trace the financial trail to the two accused in Chennai, leading to their apprehension.

The officer said that they are now probing the possibility of a wider network and other victims involved in this online fraud.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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About The Campaign

NDTV in partnership with UBER is launching a sustained campaign 'Roshan Dilli'  to try and raise safety standards in India's capital, New Delhi.

Our focus is to try and improve lighting in public spaces in the city. Lighting is a key factor in shaping women's perceptions of safety

The initiative will provide a platform for all stakeholders to discuss our goal of improving safety standards, to start a conversation about safety of women in the country

It will also highlight various interventions and solutions that help to make women safe and put the spotlight on what more can be done.

The campaign will accentuate the need for Safety to be a shared responsibility

The need for gender sensitization and how law enforcement and civil society through checks and education can try and make women safer

We hope you will join us and help make New Delhi a safer city for women.

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