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.
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.
