The Cyber Crime Wing of the Tamil Nadu Police has arrested Ubaidullah Moideen Kutty, a 29-year-old autorickshaw driver from Kerala, for his role in a cyber fraud that defrauded a person of Rs2.22 crore. Kutty, who operated WhatsApp groups to promote online share trading schemes, was arrested in Chullikode, Malappuram, Kerala, on November 13, 2024.
Police investigations revealed that Kutty opened a mule bank account under the name Swabah Feed Agency, which he leased to cyber fraudsters for Rs1 lakh, receiving ₹40,000 as an advance. The fraudsters exploited the account to deceive a victim into investing a total of Rs2.22 crore by falsely claiming to offer a high-return Forex trading scheme.
The victim, initially contacted by the fraudster in July 2024, was promised significant profits from a “Forex trading platform” with claimed SEBI approval. The scammer gained the victim’s trust by referencing well-known entrepreneurs and providing a channel for additional contact, eventually convincing them to transfer large sums of money. The victim transferred Rs2.22 crore in multiple installments, only to be asked for an additional ₹50 lakh to supposedly recover the initial investment.
Upon realizing the scam when the fraudsters changed the company name from “Xtreme Traders Limited” to “Catalyst Markets Limited,” the victim demanded a refund. It was at this point that the fraudsters became uncontactable, and the victim lodged a formal complaint through the National Cyber Crime Reporting Portal, leading to the registration of an FIR.
Kutty’s arrest follows a thorough investigation by the Cyber Crime Wing, which has been cracking down on online scams in recent months. Authorities have urged the public to be cautious of such fraudulent schemes that promise unrealistic financial returns and involve unverified companies.
