Did a Kerala Doctor Lose Rs 4.43 Crore to an Online Trading Scam?
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Synopsis
A Kerala doctor has fallen victim to an online trading scam, losing Rs 4.43 crore. The cyber crime unit has arrested two suspects from Chennai, revealing a complex web of deceit involving fake investment promises. This case highlights the growing threat of online fraud and the need for vigilance in financial dealings.
Key Takeaways
- Two suspects arrested in connection with the fraud.
- Doctor lost Rs 4.43 crore to a fake trading scheme.
- Investments were made under false pretenses.
- Police are tracing additional victims and funds.
- Awareness is crucial in preventing online scams.
Kannur, Aug 11 (NationPress) The cyber crime unit of the Kerala Police has apprehended two individuals from Chennai related to a complex online trading scam that swindled a doctor in Kannur out of Rs 4.43 crore, authorities reported on Monday.
The suspects, named Mehbubasha Farooq and Rijaz, were taken into custody by the Kannur City Cyber Crime Police during an operation in Chennai on Sunday evening, as confirmed by an officer at the Kannur Cyber Police Station.
Farooq resides in Chennai, while Rijaz is originally from Perumbavoor in Ernakulam district but has been living in Chennai, the officer mentioned.
This pair allegedly executed a fraudulent scheme via WhatsApp, enticing the victim with promises of significant returns on investments made through a fabricated online trading platform.
According to the police, the accused drew the doctor, who lives in Mattannur in Kannur district, into a WhatsApp group that advertised an online share trading scheme, guaranteeing him considerable profits starting in June.
The victim was instructed to transfer funds into various bank accounts as part of a so-called "wealth profit plan" under the pretense of a fake company named Upstock.
“We have traced around Rs 40 lakh deposited by the accused in their accounts. Additionally, the police uncovered as many as 18 more accounts registered under different names to facilitate the transfer of money obtained through online fraud. The investigation is ongoing,” the officer stated.
He added that a portion of the funds had been traced to international transfers, though further information cannot be disclosed at this time.
The officer confirmed that no links to terrorism were found during the investigation. Despite the trading app displaying profits, the platform became unresponsive when the victim attempted to withdraw his funds, leading him to file a complaint with the police on June 25.
"The victim was misled into thinking he was making profitable investments, but the entire operation was fraudulent," the cyber police remarked.
The police apprehended the suspects by tracking their bank account numbers and mobile devices used in the crime. A thorough investigation was initiated, allowing the police to follow the financial trail back to the two arrested individuals in Chennai.
The officer indicated that they are currently exploring the potential for a larger network and other victims implicated in this online scam.
Point of View
It’s imperative to emphasize the increasing prevalence of online scams that target unsuspecting victims. This incident serves as a cautionary tale, highlighting the importance of due diligence and verification in financial transactions. The rise in cyber crime necessitates stronger safeguards and public awareness.
NationPress
20/08/2025
Frequently Asked Questions
What is the online trading scam about?
The scam involved fraudulent promises of high returns on investments via a fake trading platform, luring the victim into making substantial deposits.
How much money was lost in the scam?
The victim, a doctor from Kannur, lost Rs 4.43 crore in this online trading fraud.
What actions have the police taken?
The Kerala Police's cyber crime unit arrested two suspects in connection with the fraud and is investigating their financial activities.
Is there a possibility of more victims?
Yes, the police are exploring the potential for a broader network and additional victims involved in this online fraud.
What should individuals do to prevent such scams?
Always verify the legitimacy of investment opportunities and be cautious of offers that seem too good to be true.
