Cyberabad Police Bust Online Trading Fraud Racket, Arrest 10 Suspects

Hyderabad's Cyberabad Cybercrime Police have intensified their efforts against online fraud, apprehending 10 individuals suspected of orchestrating cybercrime schemes across multiple states during the final week of May. The operation, conducted between May 20 and 26, led to the detection of six separate cybercrime cases.

In a significant development, authorities obtained court-approved refund orders in 70 cases, recovering Rs 1.39 crore for defrauded victims. Four of the arrested suspects were involved in online trading fraud operations.

Fake Trading Platform Scheme Exposed

A prominent case involved a sophisticated investment scam centred on a fraudulent trading platform called "ACEFD" and a WhatsApp group identified as "77 Accel Partners Stock Exchange Group." The criminal network allegedly deceived investors by promising substantial returns through block trading, upper circuit stocks, IPO allocations, and over-the-counter share transactions.

Investigators found that perpetrators displayed fabricated profit statements within the application, prompting one victim to deposit Rs 7.19 lakh across multiple bank accounts. When the victim sought to withdraw funds, the accused allegedly restricted account access and pressured them to pay additional commission fees.

The fraudsters employed targeted marketing strategies, leveraging Instagram advertisements and investment-focused WhatsApp groups to identify potential victims. Police noted that the scammers employed a confidence-building tactic, permitting modest initial withdrawals before locking away larger sums and ceasing all contact.

Arrests Made

Cyberabad Police arrested Asim Khan, Shazeb Khan, and Mohd Kamran from Delhi on charges of facilitating the fraud by providing bank accounts to cyber criminals in return for a share of proceeds.

Safety Precautions Advised

Cybercrime authorities have cautioned the public against participating in investment groups on social media and instant messaging applications that guarantee returns. Citizens are urged to thoroughly authenticate trading applications before committing funds and refrain from depositing money into unfamiliar bank accounts.

Individuals who have fallen victim to cyber fraud can lodge complaints via the National Cyber Crime Reporting Portal or by dialling the 1930 helpline.