Four individuals from Malappuram, Kerala, were arrested by the police on Monday in connection with a large-scale share market scam that defrauded multiple victims with promises of high returns. The accused, identified as Rizwan Mubashir (23), P.P. Arsalmon (24), M. Aziz (31), and C.P. Tajuddin (alias Saju, 40), were taken into custody and produced in court, where they were remanded for two weeks.
The scam came to light after a victim filed a complaint with the police, alleging that he lost Rs31 lakh, the entire amount he had invested under the gang’s false promises of lucrative returns from the share market. The police revealed that the suspects were part of a well-organized network that targeted people by offering investment opportunities in the stock market, claiming guaranteed profits. However, the victims never saw any returns and ultimately lost their investments.
The authorities have initiated a detailed investigation into the scam, with the possibility of uncovering a wider network involved in defrauding more victims. Investigators are working to trace the financial trail and understand the full scope of the operation.