Four men were arrested by the State Cyber Crime Investigation Centre (SCCIC) on December 6 and 7 for their involvement in an online investment scam that resulted in a victim losing Rs 1.65 crore. The arrested individuals include two mule account holders, a face-to-face agent, and an agent working directly in a scam operation based in Cambodia.
The victim, a 67-year-old retired government employee from Chennai, initially encountered the fraudsters through YouTube shorts offering investment advice under the names of reputed financial firms like Motilal Oswal and SBI Securities. After contacting the fraudsters via WhatsApp, the victim was manipulated into opening fake institutional trading accounts on fraudulent websites, which appeared legitimate.
The scammers convinced the victim to transfer large sums of money into their accounts, claiming the funds would be invested in high-return trading opportunities. Trusting the fraudsters, the victim sent a total of Rs 1.65 crore. However, when the victim attempted to withdraw the funds, the scammers ceased all communication, revealing the operation to be a scam.
Realizing they had been defrauded, the victim lodged a complaint through the National Cyber Crime Reporting Portal. Police investigations led to the tracing of fraudulent transactions linked to CMST Consultancy, a fake company based in Chennai. This led to the arrest of N Mohammad Ismail, a driver from Chennai, and B Abudahir, a garments exporter from Tirupur, on December 6. They were identified as the first-layer mule account holders.
Further investigation revealed that D Kesavaraj, another garments exporter from Tirupur, had assisted Ismail and Abudahir in creating the fake company and fraudulent bank accounts. His information led to the arrest of Kaleel Ahmed, a former garments exporter from Tirupur, who was working in the scam compound in Cambodia. Ahmed played a key role in collecting current accounts and delivering them to the scam operation in Cambodia to facilitate fraudulent transactions.
Seized items during the investigation included current bank account kits, debit cards, cheque books, phones, and laptops. All four individuals were remanded in judicial custody while investigations continue.
This case highlights the growing threat of online investment scams and the need for vigilance when dealing with unsolicited investment opportunities online.