Hyderabad: Cyber fraudsters using online trading app nabbed, Rs 9.8 Cr seized

The suspects created an app named ‘Market Box’ and collected money promising high returns for investments and trading.

Hyderabad: The Cyberabad Cybercrime police nabbed a gang of cyber fraudsters on charges of targeting people in the guise of a trading application, Market Box, and duping them to the tune of crores of rupees.

Police seized Rs.9.8 crore from the arrested persons, Abhishek Jain (32) from Uttar Pradesh and prime suspect, Pawan Kumar (35), a businessman from Rajasthan, who provided bank accounts, Akash Roy (39), a businessman from Rajasthan, who provided bank accounts and Krishna Kumar (38), a hawala collection agent from Uttar Pradesh.

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Cyberabad Police Commissioner M.Stephen Raveendra said Abhishek Jain got the app Market Box developed and promoted it on various WhatsApp and Telegram groups.

“This application is similar to Multi Commodity Exchange but is not registered with the SEBI. There are about 3,000 traders registered on this fake app. The prime suspect lured the customers through promotion and advertising his trading app on various chat groups on different platforms,” Raveendra said.

For receiving investments from victims, he shared the Merchant Pool Account (MPA) of Pawan Kumar Prajapat, maintained by a Jodhpur-based company. This MPA was linked to Market Box through an Application Programming Interface. The suspect also shared regular bank accounts of Pawan Kumar and Akash Roy associates from Rajasthan and Kolkata.

Usually, after an investment or pay-in from the victims, it was reflected against their balance on Market Box ID. These investments received from victims were diverted though multiple accounts.

“The gang was receiving cash since the last two years from merchants in Varanasi and nearby areas. The associates receive 10 percent commission from the investments received by Abhishek Jain,” the Commissioner said.

Recently, a case was booked by the Cybercrime cell based on a complaint from one of the victims of the fraud who lost nearly Rs.27.9 lakh. Based on technical clues, the gang was traced to Uttar Pradesh and Rajasthan and nabbed. They were brought to the city on a prisoner transit warrant.