The Cyber Crime Unit of Hyderabad Police has arrested a 22-year-old man, identified as Akash alias Akash Varma, for his alleged role in a nationwide investment fraud involving fake stock trading applications.
Akash, who worked as an electrician by profession, was apprehended from Sector 77, Noida, in Gautam Buddha Nagar district, where he had been residing. Police stated that he is originally from Madhya Pradesh and has been implicated in at least 30 cyber fraud cases, including four registered in Telangana alone.
A senior police official noted that Akash was a key operator in the scam, primarily responsible for supplying and managing multiple bank accounts used to route the proceeds of the fraud. The accounts were allegedly tied to bogus trading platforms, which lured investors with promises of high returns and then siphoned off funds.
The investigation revealed a network of accomplices and linked financial infrastructure spread across various states, making this one of the more widespread cyber investment scams in recent times.
The Hyderabad Cyber Crime team has issued a warning to the public to verify the authenticity of investment platforms and avoid dealing with suspicious or unregistered trading apps.
