Online share trading scam: Six held by T.N. police for duping man of ₹14 crore
The Hindu
The Cyber Crime Wing of the Tamil Nadu Police has busted a six-member gang reportedly involved in running an online share trading scam and duping a person of ₹14 crore.
The Cyber Crime Wing of the Tamil Nadu Police has busted a six-member gang reportedly involved in running an online share trading scam and duping a person of ₹14 crore.
Additional Director General of Police, Cyber Crime, Sandeep Mittal, said the online trading scam involved “fraudulent individuals misleading victims into investing in fake share trading opportunities, promising high returns.”
“Cybercriminals, forming a group via WhatsApp, have created share investment apps, misleading people into believing they can earn up to 500 times their investment by trading shares online. They have circulated false information suggesting that many people are making significant profits through these apps, thereby cheating the public under the guise of online share trading,” he said in a statement.
The police said the complainant in this case was contacted via WhatsApp by a member of the gang in April, introducing himself as someone who represented an institution called Black Rock Asset Management Business School. He falsely claimed that investing in Black Rock would yield a 500% profit within two months, while also stating that the company was SEBI-approved.
The man convinced the complainant to invest with a stipulation that he must pay a 20% service charge on the profits generated from the investment. The complainant was then persuaded to download a mobile app through a link and subsequently invested ₹14 crore into various bank accounts, the police said.
When the complainant realised that the invested money was not being returned, he filed a complaint with the National Cyber Crime Reporting Portal. Based on this, an FIR was registered at Cyber Crime Wing Headquarters, Chennai – SCCIC (State Cyber Crime Investigation Centre), and the police retrieved the money from 13 bank accounts.
After analysing the call records and money trail, the special team of police arrested V. Subramanian, 39, from Chengalpattu, who is the first-layer beneficiary ICICI Bank account holder of the fraudulent transaction of ₹21.5 lakh.
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