Online share trading scam: Chennai woman duped of ₹10.27 crore; two arrested
The Hindu
The Cyber Crime Wing of the Central Crime Branch (CCB), Chennai, has arrested two persons for their alleged involvement in an online share trading fraud, in which a woman from the city was allegedly duped to the tune of ₹10.27 crore.
The Cyber Crime Wing of the Central Crime Branch (CCB), Chennai, has arrested two persons for their alleged involvement in an online share trading fraud, in which a woman from the city was allegedly duped to the tune of ₹10.27 crore.
The police said that the 45-year-old complainant, the wife of a Kotturpuram-based businessman, came across an advertisement for investment trading tips on social media a couple of months ago and subsequently joined a WhatsApp group.
She then downloaded an online share trading app via a link sent by unknown persons on the group, enticing her to invest in share trading through this app “for huge profits.”
Convinced by their pitch, she deposited a total amount of ₹10,27,06,364 through online transfers between April and July in various bank accounts mentioned by the fraudsters. The fraudsters displayed exaggerated profits on her virtual account on the app, but the profit amount did not reflect in her actual bank account.
When the complainant attempted to withdraw the amount, the fraudsters demanded more money from her. Only then did she realise that she was being cheated and that the whole venture was a scam.
In August, she lodged a complaint with the Office of the Commissioner of Police, Greater Chennai Police, based on which a case was registered by the Cyber Crime Wing.
On the instructions of Commissioner of Police A. Arun, a special team headed by Cyber Crime Team Inspector Hema was formed to trace the culprits.
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