Hyderabad cybercrime police have arrested three fraudsters from Maharashtra for allegedly siphoning over Rs44 lakh from a local victim using a fake online stock trading app.
The accused — Milind Manohar Narkar (34) from Mumbai, Ranak Jagadish Patel (31), and Salik Imtiyaz Ahmed Siddiqui (25) from Thane — were apprehended from their homes and brought to Hyderabad on transit remand.
According to a complaint filed on June 30, the fraudsters, posing as stock market advisors, added the victim to a WhatsApp group named ‘Aveshta Study Group-W.’ They promised huge returns on stock investments and convinced the victim to transfer money to multiple bank accounts. When the victim attempted to withdraw profits, they demanded a 20% service charge and ceased communication after payment.
Cybercrime DCP D Kavitha revealed that Narkar converted the stolen money into cryptocurrency for a Dubai-based kingpin and managed transfers through multiple mule accounts from Mumbai hotels. Patel and Siddiqui provided bank accounts and SIM cards to facilitate the scam.
