The Kannur City Cyber Crime Police have arrested Zainul Abideen (41), the key accused in a high-profile Rs4.43 crore cyber fraud case, involving a fake online trading scheme that duped a 73-year-old doctor from Mattannur, Kerala.
Abideen, a native of Arakkappady in Ernakulam, was apprehended on Friday, September 12, by cyber police officials from Ernakulam, following an intensive investigation.
According to police, Zainul Abideen facilitated mule bank accounts used by cybercriminals to route fraudulent transactions. A mule account is typically opened in the name of a third party and is used to launder money or transfer stolen funds, often with the knowledge—or ignorance—of the account holder. In many cases, the legitimate account owner is paid a small amount, while the fraudsters control access to debit cards and online banking credentials.
The fraud occurred through a fake online trading platform, where the elderly doctor was misled into investing Rs4.43 crore with the promise of high returns. The funds were siphoned off through a network of such mule accounts.
Police are continuing their investigation to identify other members of the cyber fraud ring and trace the flow of the stolen funds. Authorities have warned the public about the growing trend of online investment scams and the use of mule accounts in laundering money.
