The Cyber Crime Wing of the Tamil Nadu Police has arrested six individuals for their involvement in defrauding a victim of Rs96.5 lakh through an online share market trading scam.
The scam came to light in June when a petitioner from Madurai reported losing Rs96.5 lakh after responding to a WhatsApp advertisement promoting a high-profit “international share market trading business.” Believing the claims, the victim transferred money to several bank accounts but later realized he had been scammed when no returns were received. The victim then filed a complaint with the Madurai District Cyber Crime Police, requesting action and the recovery of funds.
The investigation focused on Rs38 lakh frozen in various bank accounts linked to the suspects. Upon further analysis of the victim’s transaction history, investigators discovered that Rs22 lakh had been sent to a single account, later traced to Seeni Mohamed from Alwar Thoppu, Tiruchi. Mohamed had withdrawn the funds using cheques, prompting his arrest after his accounts were frozen.
As the investigation progressed, it was revealed that Ibrahim, from Uraiyur, Trichy, masterminded the scam. Ibrahim worked with four accomplices: Mohamed Sabeer, Mohamed Riyaz, Mohamed Azharudeen (all from Tiruchi), and Mohamed Marzuk from Ayyampettai, Thanjavur.
The suspects had withdrawn the fraudulent funds and handed them over to a person providing a code word via WhatsApp. The money was funneled through multiple bank accounts, with the accused receiving a commission of Rs1,000 for every Rs1 lakh transferred.
The cybercrime team arrested all six suspects and uncovered that they had laundered around Rs1 crore through a network of bank accounts. Further investigation revealed that the individuals were involved in similar cybercrimes across several states, including Karnataka, West Bengal, Delhi, and various regions in Tamil Nadu.
The investigation continues as authorities work to trace the full extent of the scam and identify additional victims.
