Local crime branch police arrested four members of a gang involved in a Rs9.35 lakh share market investment scam using fake bank accounts.
The accused — Muhammad Nabeel, Shamshad P, Ashiq Sajir T, and Mohammad Danish CK — sold fake bank accounts to cybercriminals who duped victims through a fake app named PMHDFC, linked to a bogus company called Sahaj Solar.
Victims were initially given small returns to gain trust, but when larger investments were made, the accounts were blocked and the money siphoned overseas, primarily via ATMs in Dubai.
The police investigation uncovered multiple fake WhatsApp numbers, apps, and fraudulent accounts facilitating the crime. During the probe, passbooks, ATM cards, passports, mobiles, and SIM cards were seized.
Earlier, eight other suspects from Kerala and Maharashtra were arrested for arranging and selling fake accounts. The gang’s modus operandi involved creating or buying bank accounts at high costs, reselling them to cyber fraudsters abroad, and laundering money in foreign currencies. Further investigations continue.
