The Telangana Cyber Security Bureau (TGCSB) has arrested Saidul Islam Khan, a resident of Contai town in West Bengal, for his involvement in a multi-crore investment scam. The arrest was made after a complaint filed on July 11, in which the victim reported losing Rs5.27 crore in a fraudulent investment scheme.
The victim, who had come across an advertisement on Facebook, joined a WhatsApp group where the fraudsters, including Khan, shared stock recommendations and promised lucrative returns. The fraudsters convinced the complainant to transfer large sums of money for the purchase of Initial Public Offerings (IPOs) of various companies between June 9 and July 2.
Over the course of these transactions, the victim transferred a total of Rs5.27 crore to several bank accounts provided by the fraudsters. However, when the victim attempted to withdraw funds, they were only able to retrieve a meager Rs45,000. Realizing that they had been duped, the victim lodged a complaint with the Telangana Cyber Security Bureau.
Upon investigation, the police tracked down Saidul Islam Khan, who was arrested in West Bengal. The investigation revealed that Khan and his associates had been running a fake investment scheme, promising high returns from IPOs that never materialized.
Telangana Cyber Security Bureau officials have confirmed that Khan is part of a larger network involved in scamming victims across different regions. The bureau is continuing its investigation to uncover other members of the group and recover the defrauded money.
This case serves as a reminder for investors to be cautious when making financial decisions based on online advertisements or recommendations from unverified sources. The police are advising the public to thoroughly research any investment opportunity before transferring funds.
Khan is currently in police custody, and further legal proceedings are underway.
