The Hyderabad Police Cybercrime Wing has arrested Paras Singla, a 29-year-old from North West Delhi, for defrauding a victim from Hyderabad of over Rs1.11 crore through a sophisticated online trade scam.
According to police, Singla, along with his absconding associates Mahesh Singla and Lakshya Verma, posed as representatives of a fake Hong Kong-based company named Aces Trading. They lured the victim by offering a lucrative spirulina powder trade deal through a Delhi-based firm called Trade Fundamental Private Limited.
The fraudsters convinced the victim to make multiple payments under the pretexts of:
Processing charges
Legal documentation fees
Refund guarantees
Each payment was framed as essential to completing the trade deal. The total amount transferred exceeded Rs1.11 crore. The scammers assured the victim of a full refund after the deal, but once the money was received, all communication abruptly stopped.
Investigators traced the money trail and identified Paras Singla as a key player. Efforts are underway to apprehend the remaining accused, Mahesh Singla and Lakshya Verma, who are currently absconding.
The Hyderabad Police urge citizens to verify the legitimacy of international trade offers and conduct due diligence before making large financial commitments.
