Hyderabad: Cybercrime police arrest two for sophisticated online trading fraud

Hyderabad Cybercrime police arrested two men from Navi Mumbai for running a sophisticated online trading fraud. Victims, including a Hyderabad resident, lost Rs 12.3 lakh via fake trading platforms and WhatsApp ‘investment experts’. The suspects used mule accounts and APK systems

Hyderabad: The Hyderabad Cybercrime Police arrested two persons from Navi Mumbai for their alleged involvement in a sophisticated online trading fraud on Thursday.

The suspects – Ravi Kumar Lal and Shivendra Ashok Singh were found to be involved in 12 cyber fraud cases across India, including one each in Hyderabad and Cyberabad police limits.

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According to the police, Ravi Kumar Lal assisted a Pune-based gang by operating a bank account and sharing OTPs via an APK-controlled system. Shivendra Singh, on the other side, opened and supplied multiple mule bank accounts used for the fraud.

Recently, a 53-year-old man from the city was duped to the tune of Rs 12.3 lakh by fraudsters operating under fake identities of reputed firms.

Using WhatsApp investment ‘experts’ and a fake trading platform, the fraudsters displayed fake profits, allowed small withdrawals to build trust, and later blocked the victim, Cybercrime officials said.