Man from Haryana held in Rs 2 crore trading fraud

The Hyderabad Cybercrime police arrested Gurgaon businessman Vineet Chadha in connection with a Rs 2.02 crore online trading fraud. He allegedly routed Rs 40 lakh through a shell company. Six others were earlier arrested. Police warn against fake trading apps offering quick profits

Hyderabad: The Hyderabad Cybercrime police arrested one Vineet Chadha (58) from Gurgaon in Haryana in connection with a Rs 2.02 crore online trading fraud on Thursday.

With this, seven suspects have been arrested so far in the case.

According to police, Chadha, a businessman, acted as an account holder through which Rs 40 lakh was credited from the victim. He allegedly operated a shell company to route fraudulent funds, transferring them to associates in return for commissions.

Earlier, six others identified as Viradya Mohitbhai Ghanshyambhai, Bullan Karpatu Yadav, Rohan Jagadeshbhai Limbachiya, Kureshi Shafinbhai Yunusbhai, Mer Kishan Kanubhai, and Mer Manish Bharatbhai were arrested from Gujarat in July for their role as account holders and suppliers.

The case began when a 62-year-old resident from the city fell prey to a fake trading platform advertised on social media. Rs 2.02 crore was transferred into different bank accounts linked to the fraud. While the platform initially displayed profits, his withdrawal requests were blocked with demands for additional tax payments.

Police have urged citizens to remain alert against online trading scams, particularly offers promising “multi-bagger” stocks, high short-term returns, and investments via unverified apps or websites.