Man held for siphoning Rs 8.14 cr in trading scam

Highlights

The Telangana Cyber Security Bureau (TGCSB) arrested a 43-year-old man involved in a trading scam and for duping Rs 8.14 crore.

Hyderabad: The Telangana Cyber Security Bureau (TGCSB) arrested a 43-year-old man involved in a trading scam and for duping Rs 8.14 crore.

Police arrested Sharvan Kumar Sharma, a resident of Chittorgarh. He was arrested in Rajasthan and brought to Hyderabad for further investigation.

According to TGCSB, the victim, a resident of Banjara Hills, was lured into a fraudulent trading scheme through a WhatsApp group that promised high returns on block trades and IPOs. Over three months, the victim transferred Rs 8.14 crore to accounts linked to the scam, believing the profits were displayed on a fake trading application.

Later, when the victim attempted to withdraw funds, the fraudsters demanded additional fees. The victim refused to pay the additional amount. He realised he was duped after all communication was severed and the app became non-functional.

The accused had opened a current account in the name of Harihar Enterprises where Rs 27 lakh of the defrauded amount was transacted. He is accused of handing over the account credentials to others for misuse in exchange for commissions.

The police seized the accused’s mobile phone and are conducting further investigations to identify others involved in the network.

The TGCSB advised the general public to report online fraud incidents promptly by contacting the helpline at 1930 or filing complaints on the National Cyber Crime reporting portal.