The cyber crimes wing of the Hyderabad police arrested a 33-year-old man for his alleged involvement in a large-scale online trading fraud in which a city-based victim was cheated of nearly Rs49.9 lakh through a fake investment scheme circulated on WhatsApp.
The accused has been identified as Mohammed Ashfaq, a resident of Hyderabad who runs a general store. According to police officials, Ashfaq permitted cyber fraudsters to use his bank account on a commission basis, enabling the transfer of huge sums of money linked to online stock market scams operating across the country.
Investigators revealed that the accused’s account was used as a conduit to route fraudulent proceeds generated through fake trading and investment schemes promoted via social media platforms, particularly WhatsApp. These scams typically lure victims with promises of high returns and professional trading guidance.
Police said that Ashfaq’s role was crucial in facilitating the movement of crores of rupees for the fraud network. Further investigation is underway to identify other individuals involved in the racket and to trace additional money trails connected to similar cyber fraud cases.
