In a significant breakthrough, the Kannur Cyber Crime Police arrested Syed Iqbal Hussain, a 47-year-old resident of Kalapather, Hyderabad, for allegedly extorting Rs29.25 lakh from a Kannur resident in an elaborate online share trading scam.
Hussain, who is accused of running a fraudulent scheme, reportedly made contact with the victim through WhatsApp. He lured the individual into investing in a fake online share trading platform, EltAs Fud, promising significant profits. The scam was executed through trading instructions provided by Hussain in a Telegram group he controlled, where he manipulated the victim into making multiple investments.
The victim, residing in Pudhiyatheru, Kannur, initially believed the investments were legitimate and continued to deposit money based on Hussain’s assurances of high returns. However, as the victim realized there was no return on investment, he reported the fraud to the police.
Following an investigation, the police arrested Syed Iqbal Hussain, who now faces charges of cheating and fraud under relevant sections of the Indian Penal Code.
The police are further probing Hussain’s connections to other fraudulent activities and his network of co-conspirators who might have been involved in facilitating the scam.
