The Kollam City Cyber Police have arrested Shamsuddin (33) from Ponnani and Fazalu Rahman (21) from Tirurangadi in Malappuram, in connection with two separate cyber fraud cases. The duo is accused of cheating several victims by promising them huge profits through fake share trading schemes, extorting significant amounts of money.
According to police reports, the accused formed WhatsApp groups to lure victims into their scam, initially offering attractive profits from share trading. After convincing their targets of the potential gains, they collected personal details such as PAN, Aadhaar, and bank account information.
To gain the victims’ trust, Shamsuddin and Rahman showed fake profit figures and manipulated their perceptions of successful trades. Victims were then encouraged to deposit money into various accounts under the false pretense of making further investments in share trading.
The first gang, led by Shamsuddin, extorted a massive sum of Rs1.37 crore from a resident of Kollam, while the second gang, associated with Rahman, managed to scam a victim from Oachira, taking Rs9.4 lakh.
Police were able to trace the accused after a complaint was filed by the victims, who realized they were duped after their attempts to withdraw or recover their “investments” were unsuccessful.
The accused were arrested in Malappuram after an investigation into the fraud began last week. The cyber police team has seized digital devices and other evidence from the suspects. Both Shamsuddin and Fazalu Rahman have been charged under sections of cheating and cyber fraud