Alappuzha, Kerala: The Alappuzha Cyber Crime Police have arrested 23-year-old Bharathikannan Angamuthu in connection with a massive online share trading fraud, in which an elderly man was cheated of Rs8.08 crore.
According to police, Bharathikannan, a native of Salem, Tamil Nadu and an automobile engineering graduate, contacted the victim via WhatsApp, pretending to be a representative of a reputed share trading company. He gained the victim’s trust and misappropriated money through multiple bank transactions.
The fraud began with a WhatsApp call, during which the victim was asked to install a fake trading app named “RARCII”. The app displayed false profit figures to make it appear that investments were growing rapidly. The victim was also added to a WhatsApp group called “C778 Reliance Capital Innovators Hub”, where fabricated messages claimed other members were earning huge returns.
Between September 24 and December 20, the victim transferred money in 73 separate transactions. When he attempted to withdraw profits, the accused demanded additional money as “mandatory service charges,” resulting in further losses.
Investigations revealed that Bharathikannan had co-founded a private firm, Valiant Strive Corporation Pvt Ltd, along with his classmate Sabareesh Sekhar, who is currently lodged in Trichy Central Jail in connection with a similar cyber fraud. Sabareesh will also be formally taken into custody for this case.
The police are examining bank accounts across multiple states, with cyber experts assisting to trace financial transactions. Authorities plan to file a charge sheet within three months.
The Cyber Crime Police have issued warnings against fake investment apps, unknown WhatsApp calls, and unverified trading tips, emphasizing that share trading requires a valid Demat account.
