The Hyberabad cyber crime police have arrested two individuals, Naresh Shinde and Saurabh Shinde, in connection with a Rs2.29 crore institutional stock investment fraud. The scam involved defrauding investors through a fake trading platform called ‘Kotakpro’.
Naresh Shinde, an account supplier, and Saurabh Shinde, the account holder to whom the victim transferred Rs50 lakh, were arrested after an investigation into the fraudulent activities. The police have revealed that the victims were lured into investing large sums, believing they were making legitimate stock market investments, only to find out later that they had been scammed.
While the arrests have been made, authorities are still on the lookout for five other individuals who are believed to have managed the fraudulent Kotakpro platform, which was used to carry out the scam. The platform was promoted as a legitimate vehicle for institutional stock investments, but in reality, it was a front for defrauding investors.
The cyber crime police are continuing their investigation to track down the remaining suspects and recover the lost funds. They are also advising the public to be cautious when engaging with unknown or unverified trading platforms.