Accused in online trading fraud held

Thiruvananthapuram native cheated of lakhs on promise of part-time job in online trading

April 05, 2024 12:31 am | Updated April 06, 2024 08:12 am IST - Thiruvananthapuram

The city police have arrested three men on the charge of cheating a person of lakhs by promising a part-time job in online trading.

The accused were identified as Sivadasan of Malappuram; Ashraf of Malappuram; and Shajimon of Malappuram.

The accused contacted a Thiruvananthapuram resident over Telegram and promised a job in purchase and sale of online trading products, with high returns. They showed the victim video programmes of investing the money earned through online trading in crypto currency to earn huge profits to convince the victim to open an account on the virtual platform.

The victim was made to transfer money to various accounts for trading. To convince the victim, it was shown in the platform that his money has multiplied. The accused then directed him to withdraw the money. However, when the money was being transferred, the complainant was made to believe that the tasks were not completed, and to complete them, he was defrauded of more money on various pretexts.

It was only after returns stopped on the money invested that the complainant realised he had been cheated, following which he lodged a complaint.

Of the ₹90 lakh that the complainant was cheated of, the cyber police traced nearly ₹70 lakh to a cooperative bank in Malappuram. The team collected the details of the accused through latest technology and after a secret investigation, arrested the accused from Malappuram.

During the probe, the investigation team found that the accused made people open several bank accounts promising commission in the belief that they were in the business of sending money from foreign countries to the State. Money to the tune of crores of rupees was being cheated, and several complaints were being received, the police said.

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