The Telangana Cyber Security Bureau (TGCSB) on Wednesday arrested Saidul Islam Khan, a resident of Contai town in West Bengal, for his involvement in a major investment scam. The scam, which led to a financial loss of Rs5.27 crore, was reported by a victim who had been lured into a fraudulent scheme.
The victim, after seeing an advertisement on Facebook, joined a WhatsApp group that claimed to offer stock recommendations. Over a period from June 9 to July 2, the victim transferred a total of Rs5.27 crore to multiple bank accounts provided by the fraudsters. The money was supposedly for the purchase of Initial Public Offerings (IPOs) of various companies. However, the victim was only able to withdraw Rs45,000 before realizing that it was all a scam.
Upon investigation, the Telangana Cyber Security Bureau tracked down Saidul Islam Khan and arrested him for his role in the fraudulent activities. Authorities are continuing to probe the network behind the scam and advise individuals to exercise caution when engaging in online investment schemes.