The Telangana Cyber Security Bureau (TGCSB) on Wednesday arrested a person from West Bengal for his involvement in an investment scam where a victim from city lost ₹5.27 crore.
Saidul Islam Khan, a resident of Contai town in West Bengal, was arrested following a complaint on July 11. According to the complainant, after seeing a Facebook advertisement, he joined a WhatsApp group in which the fraudsters shared stock recommendations. The complainant transferred a total of ₹5.27 crore in various accounts provided by the fraudsters between June 9 and July 2 for the ‘purchase of Initial Public Offerings (IPOs) of several companies’ and could only withdraw ₹45,000 before he realised it was a fraud.
The police investigation revealed that Islam Khan was running a petrol bunk in his hometown before he came in touch with an ‘associate’ who promised lucrative commissions and a substantial loan if he opened a bank account with ICICI Bank and shared the net banking credentials.
“Following his associate’s directions, the accused opened a current account under the name S.S.R. Brick Field, which was used in the scam for receiving ₹1 crore from the complainant. The amount was subsequently transferred to various accounts using net banking,” the police said.
Published - September 19, 2024 07:32 pm IST
