The Hyderabad Cyber Crime Police have arrested Vineet Chadha (58) from Gurgaon, Haryana, in connection with a large-scale online trading fraud that has impacted multiple victims across India, including three cases in Telangana. This arrest marks the seventh in the ongoing investigation.
Authorities revealed that Rs 40 lakh was credited into an IDFC Bank account held by Chadha, who is linked to 12 fraud cases nationwide. Earlier arrests include six individuals from Gujarat — Viradya Mohitbhai Ghanshyambhai on July 2; Bullan Karpatu Yadav and Rohan Jagadeshbhai Limbachiya on July 4; and Kureshi Shafinbhai Yunusbhai, Mer Kishan Kanubai, and Mer Manish Bharatbhai on July 8.
One victim, a 62-year-old man from Hyderabad, was lured through WhatsApp instructions to download a fraudulent trading app. He invested large sums into multiple bank accounts linked with the platform, which falsely showed daily profits. Over time, the victim deposited a staggering Rs 2,02,70,931 and engaged actively in trading.
When attempting to withdraw funds, he was told he had to pay additional “taxes” before processing the withdrawal. Scammers persistently pressured him for more money, eventually revealing the deceitful nature of the operation.
The Cyber Crime officials have issued a warning to the public, urging caution against online stock trading and investment frauds promising quick and high returns. They advised verifying the authenticity of such platforms before sharing any personal or financial details.
