Kerala police arrest two Chennai men in Rs 4.43 crore online trading fraud case

Daijiworld Media Network – Kannur

Kannur, Aug 11: Kerala Police’s cyber crime unit arrested two men from Chennai in connection with a sophisticated online trading fraud that cheated a Kannur-based doctor of Rs 4.43 crore, officials said on Monday.

The accused, Mehbubasha Farooq and Rijaz, were nabbed by the Kannur City Cyber Crime Police on Sunday evening. Farooq is a Chennai resident, while Rijaz hails from Perumbavoor, Ernakulam, and has been settled in Chennai.

According to police, the duo operated a fraudulent scheme via WhatsApp, luring the victim into a fake online trading platform named Upstock, promising high returns. The doctor, a resident of Mattannur in Kannur district, was enticed to join a WhatsApp group promoting an online share trading plan under a “wealth profit plan.” He was instructed to deposit funds into multiple bank accounts belonging to the accused and others.

Police investigations revealed about Rs 40 lakh was deposited into accounts linked to the accused, with 18 additional bank accounts used to transfer the fraudulently obtained money. Part of the funds were also transferred abroad.

No terror links were found during the probe. The victim filed a complaint on June 25 after he found the app unresponsive and was unable to withdraw his money, realising it was a scam.

The cybercrime team tracked the accused by tracing their bank accounts and mobile phones used in the crime. Authorities are now probing if a larger network is involved and whether there are other victims.