The Kannur Town police have arrested the prime accused in a fake online share trading scam that resulted in a Rs43 lakh loss for a Pallikunnu resident. The suspect, identified as Adarsh Kumar, aged 24, hails from Virajpet in Coorg.
The arrest was made by Town Inspector Sreejith Koderi and his team in Kattikulam, Wayanad, following an investigation into the scam that had been unfolding for several months. Kumar was allegedly involved in a fraudulent online trading operation that deceived the victim into investing large sums of money in fake share trading schemes.
The victim, a resident of Pallikunnu, was promised substantial returns on his investments through the online trading platform operated by the fraudsters. However, after transferring Rs43 lakh into the accused’s account, the victim found that the promised profits never materialized, and the trading platform was eventually shut down.
Upon realizing that he had been swindled, the victim filed a complaint with the Kannur Town police, who launched an investigation. The authorities traced Kumar to Kattikulam in Wayanad, where he was apprehended.
The police are continuing their investigation to identify other individuals involved in the scam and recover the defrauded amount. Authorities have warned the public to be cautious when engaging in online trading schemes and to verify the legitimacy of any investment opportunities before committing large sums of money.