Cybercrime police bust Rs 2 crore trading fraud

Hyderabad: The Hyderabad Cyber Crime Police have arrested a man from Gurgaon, Haryana, in connection with a trading fraud case. The accused was involved in 12 cases across India, including three in Telangana. The cybercrime unit has so far arrested seven people in this case. Police arrested Vineet Chadha (58), an account holder in whose IDFC Bank account an amount of Rs 40 lakh was credited. In this case, six people from Gujarat were already arrested, including ViradyaMohitbhaiGhanshyambhai on July 2; BullanKarpatu Yadav and Rohan JagadeshbhaiLimbachiya on July 4; and KureshiShafinbhaiYunusbhai, Mer Kishan Kanubai and Mer Manish Bharatbhai on July 8.

According to police, a 62-year-old male victim from Hyderabad came across an advertisement on Facebook for a trading platform hosted on the website https://m.ironfxcom.cc/#/user. Following instructions provided via WhatsApp, he downloaded the application and invested money. Initially, he invested large amounts into different bank accounts provided in the application, and the platform showed him daily profits. Over time, he deposited a total of Rs 2,02,70,931 into the platform and actively engaged in trading.

However, when he attempted to withdraw his funds, he was informed that he needed to pay an additional amount labelled as ‘taxes’ before any withdrawal could be processed. The scammers continued to message him, persistently urging him to deposit more funds. The victim eventually realised he had been misled by false promises of high trading returns and was a victim of an online financial scam. Cyber Crime officials urged citizens to be cautious of online stock trading and investment frauds, which promise huge returns in a short term.

They advised people to properly verify such offers before sharing any financial or personal details. Scammers typically approach victims through various social media platforms, including Telegram, WhatsApp, X, Instagram, and Facebook, by advertising fake investment apps and websites.

If you are a victim of cybercrime, immediately dial 1930 or visit https://cybercrime.gov.in/for assistance.