Doctor Based in Kerala Defrauded with ₹7 Crore in Online Share Market Fraud; 3 Arrested
Doctor Based in Kerala Defrauded with ₹7 Crore in Online Share Market Fraud; 3 Arrested
Alappuzha, Kerala: Cherthala doctor who became a victim of an interstate racket ‘specializing’ in fraudulent share trading lost an astounding ₹7.65 crore. Police investigated after receiving his allegation, and they detained Mohammed Anus, Praveen, also known as Kannan, and Abdul Sanath. According to investigators, the three accused are part of a larger scam.
The authorities claim that scammers sent the doctor a message posing as coming from two “investment firms,” in an attempt to trick him into participating in their scheme. The second phase of the plan was executed once the victim replied and expressed interest. In order to trick the victim, the con artists pretended to be representatives of the aforementioned companies. They enrolled in classes that taught him about how to make investments and how they would provide enormous returns. They allayed his concerns and persuaded him that the transaction was real, according to a police official.
He was persuaded to deposit investment money into 5 distinct bank accounts once the crooks gained his trust. The doctor began receiving notifications on a regular basis informing him that his account had been credited with a specific amount of money as a profit from his investments.
The complainant didn’t question these messages’ authenticity or cast doubt on them at any point. That was a bad move. Rather, he made more of these “investments” because he believed them to be real. Before realizing he had been tricked, he made one last transaction for ₹50 lakh, the official stated. Two of the five accounts to which the transactions were made, Petro Logistics and Modern, might be linked to Kozhikode.
The National Cybercrime Reporting Portal (NCRP) provided the data that we used. We were able to identify the five distinct accounts that he moved funds to. In Kozhikode, two of them were registered under the names of two women. The official stated, “Our investigation showed that two of his friends and one of the women’s son-in-law were running these accounts.”
The whereabouts of the other accounts were found in Gujarat and other northern Indian states. Of the 50 lakh rupees that were taken into custody, the police had only recovered ₹35 lakh. “The arrested person and the money that was recovered will appear before the court.” The official stated that state police would investigate the matter further and find the other participants in the scam.
In Alappuzha alone, a number of people lost more than ₹35 crore to online fraud last year. Of the 244 cases the district’s police had recorded, 40 individuals were also taken into custody.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blogs, he also writes for brands including Craw Security, Bytecode Security, and NASSCOM.
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