in a significant breakthrough, the Kochi city police have arrested three youths for allegedly defrauding people of Rs52.22 lakh by promising high returns on stock market investments through a Facebook profile. According to police officials, the trio used social media to lure victims by offering lucrative returns on stock trading.
The scam, which unfolded over several months, involved the accused creating a fraudulent Facebook account where they advertised their purported expertise in stock market trading. They convinced individuals to invest large sums of money, assuring them of guaranteed profits. However, after receiving the funds, the accused failed to make any profits for the victims and disappeared with their money.
Authorities said the arrested individuals, identified as Muhammed Altaf Hussain and his associates, were using the funds to live lavish lifestyles, without any intention of actually investing in the stock market as promised. The police launched an investigation after multiple victims came forward with complaints of financial loss, leading to the arrest of the accused.
The police are now investigating further to identify more victims and determine the full extent of the scam. Authorities have also warned the public to be cautious of online schemes promising unusually high returns and to verify the legitimacy of investment offers before making any financial commitments.
