The Kerala Police Cyber Crime unit arrested two men from Chennai in connection with an elaborate online trading scam that defrauded a doctor in Kannur of Rs 4.43 crore, officials said on Monday.
The accused, Mehbubasha Farooq and Rijaz, were apprehended by the Kannur City Cyber Crime Police on Sunday evening. Farooq is a Chennai resident, while Rijaz, originally from Perumbavoor in Ernakulam district, has settled in Chennai.
According to police, the duo orchestrated a fraudulent scheme via WhatsApp, promising the victim substantial returns by investing in a fake online trading platform named Upstock. The doctor from Mattannur in Kannur was added to a WhatsApp group promoting a “wealth profit plan” with assurances of high profits.
The victim was instructed to deposit money into multiple bank accounts under the guise of this fake company. Police traced approximately Rs 40 lakh deposited by the accused, along with 18 other accounts used to move funds. Part of the money was also transferred abroad.
The doctor became suspicious after being unable to withdraw his earnings despite the trading app showing profits, leading him to file a complaint on June 25.
“No terror link has been found. The victim was misled to believe he was making profitable investments, but the entire operation was fraudulent,” said a police officer.
The cybercrime team traced the suspects through their bank accounts and mobile phones, leading to their arrest in Chennai. The investigation is ongoing, with police probing for a wider network and other victims of the scam.
