The Hyderabad Cyber Crime Police have arrested two men from Mumbai for their involvement in a sophisticated online investment fraud that cheated victims of over Rs 23 lakh.
The accused, Dharmesh Jaswantbhai Barot alias Lali and Mohd Shahid Hanif Ansari, lured investors through WhatsApp share-trading groups and a fake trading platform called the FaerPE Trading App. Victims were shown false profits and funds were frozen under the pretext of settlement, leading to a total loss of Rs 23.48 lakh.
Police investigations revealed that the accused used mule bank accounts to siphon off the defrauded money. Two mobile phones were seized as evidence. The operation was conducted under the supervision of senior officers of the Hyderabad Cyber Crime Police.
Authorities have urged investors to verify trading platforms and exercise caution before investing online.
