The Cyber Crime Wing of the Tamil Nadu Police has arrested six individuals involved in an elaborate online share market trading scam that defrauded a victim of Rs96.5 lakh. The scam came to light in June when a petitioner from Madurai reported losing a substantial amount of money after responding to a WhatsApp advertisement promoting a high-profit “international share market trading business.”
The victim was lured by the promises of high returns and transferred large sums of money to several bank accounts provided by the fraudsters. However, after receiving no returns on his investment, the victim realized he had been scammed. He then filed a complaint with the Madurai District Cyber Crime Police, requesting action and the recovery of the lost funds.
Following the complaint, the investigation focused on Rs38 lakh that had been frozen in various bank accounts linked to the suspects. Further examination of the victim’s transaction history revealed that Rs22 lakh had been transferred to a single account, later traced back to Seeni Mohamed, a resident of Alwar Thoppu, Thennur in Tiruchi. Mohamed was found to have withdrawn the funds using cheques, and his accounts were subsequently frozen. Mohamed was arrested in connection with the scam.
As the investigation progressed, it emerged that the scam was masterminded by Ibrahim, a resident of Uraiyur, Trichy, who coordinated the operation with four accomplices: Mohamed Sabeer, Mohamed Riyaz, Mohamed Azharudeen (all from Tiruchi), and Mohamed Marzuk from Ayyampettai, Thanjavur.
The suspects reportedly withdrew the fraudulent funds and handed them over to an individual who provided a code word via WhatsApp. This person then funneled the money through multiple bank accounts. The accused received a commission of Rs1,000 for every Rs1 lakh transferred. The suspects were able to launder approximately Rs1 crore through this network of accounts.
The investigation revealed that this group had been involved in similar cybercrimes across several states, including Karnataka, West Bengal, Delhi, and various regions within Tamil Nadu. The accused were using a network of bank accounts to launder the stolen funds, making it difficult for authorities to track the flow of money.
The cybercrime team arrested all six suspects, and the investigation continues to uncover additional layers of the scam. Authorities are now working to identify other potential victims and gather more information about the suspects’ broader network. The police are also probing whether any financial institutions or other individuals were complicit in facilitating these fraudulent transactions.
The Tamil Nadu Cyber Police have warned the public to be cautious about unsolicited investment offers, especially those coming via WhatsApp or other unverified online channels, and to report any suspicious activity to law enforcement.
