The Kannur Cyber Crime Police have arrested a 47-year-old Hyderabad resident, Syed Iqbal Hussain, on charges of extorting ₹29.25 lakh from a Kannur native through an elaborate online share trading fraud.
Hussain, a resident of Kalapather, Hyderabad, allegedly lured the victim, a resident of Pudhiyatheru, Kannur, Kerala, into a fraudulent online trading scheme after making contact via WhatsApp. The accused allegedly convinced the complainant to invest in a fake share trading app, EltAs Fud, where he promised substantial profits. Hussain provided trading instructions through a Telegram group he controlled.
Initially, the complainant saw impressive returns on the EltAs Fud app, but when he attempted to withdraw the funds, he encountered various technical issues and realised that he had been defrauded. Investigations revealed that the complainant had transferred ₹18.75 lakh directly into Hussain’s bank account.
According to police sources, Hussain’s account has been flagged over 200 times on the National Cyber Crime Reporting portal. There are currently five active cases against him in Kerala, and in the past month (August) alone, transactions worth over ₹8 crore have passed through his account.
The accused transferred the extorted money through multiple accounts via internet banking to evade detection. Acting on instructions from District Police Chief (City) Ajit Kumar, a team of cyber police from Kannur travelled to Hyderabad and apprehended the accused.
Further investigations are under way to trace the flow of funds and identify if more victims are involved in the scam.
Published - September 09, 2024 03:43 pm IST
