Alappuzha (Kerala), Nov 9 (PTI) A man from Hyderabad has been arrested for allegedly duping a resident of Alappuzha in Kerala of Rs 29 crore by luring him into a fraudulent online stock trading scheme, a told the police.

Mohammad Adnan was arrested in a joint operation by Telangana Cyber ​​Crime Police and Alappuzha Cyber ​​Crime Police.

The accused sent the victim a link to a fake stock trading website that appeared to show increasing profits as the victim made investments, police said.

The scam was promoted under the guise of celebrating the 40th anniversary of the stock trading platform, with the promise that investing $10,000 would yield a profit of $1,388.

As the victim continued to invest more money, the fake trading site continued to display artificially inflated profits. However, when the victim tried to withdraw his profit and capital, he was required to pay “a 30 percent income tax,” as the accused called it, before he could access his funds, it added the police.

At this point, the victim realized it was a fraud and reported the incident to the Alappuzha Cyber ​​Crime Police by registering an FIR through the National Cyber ​​Crime Reporting Portal.

An investigation was launched, leading to the freezing of over Rs 6 lakh, duped from the Alappuzha native and deposited in various bank accounts by the fraudsters.

Further investigation revealed that the fraudsters transferred the cheated money to several bank accounts in different states, including Delhi, Bihar, Assam, Jharkhand, Madhya Pradesh and Telangana. With the assistance of Telangana Cyber ​​Crime Coordination Center and Rajakonda Cyber ​​Crime Police Station, the police traced the accused to LB Nagar in Hyderabad.

Mohammad Adnan was arrested on charges of online fraud and money laundering. He was produced before the Additional Metropolitan Magistrate Court LB Nagar and later sent to Alappuzha Police in remand on Friday. The accused is also linked to two other fraud cases in Telangana where he allegedly cheated a doctor in Hayat Nagar of a significant amount.

Police officers said investigation is on with focus on IP addresses and bank accounts in other states including Bihar, Jharkhand, Delhi and Assam to identify others involved in the scam.

The accused has been remanded in Alappuzha District Jail. PTI ARM ADB ARM 10/4/2024 SA

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