July 17, 2024


Postal services in Chennai reported the arrest of two individuals from Thiruvottiyur. The suspects manipulated a dentist from Vanagaram out of Rs 1.19 crore via an online share trading platform.

Upon the dentist’s attempt to withdraw his profit, the culprits insisted on more cash inflow.

The police then apprehended I Satishkumar (35) and R Satish (26), confiscating Rs 23.8 lakh in cash, several gold chains, and account records showing the illicit money transfer.

Simultaneously, Tambaram police arrested two men from Kerala. They had impersonated TRAI and CBI officials, and defrauded an Irumbuliyur citizen of Rs 50 lakh by alleging a money laundering investigation. Funds from this scam were used to purchase the seized car.

Telangana police also reached Chennai to arrest a resident of Maduravoyal. This individual allegedly received and assisted in the transfer of Rs 5 crore from cybercrime fraudsters by opening several bank accounts

Related FAQs

How common are online trading scams in India?

Online trading scams have seen a surge in India, considering the ease and convenience offered by online platforms. However, Ana increasing number of people fall victim to fraudsters manipulating these platforms, as seen in this case.

What do the police do to combat these cyber crimes?

Indian police departments have specialized cyber crime units. These units handle all cyber-related crimes, including online trading scams. They conduct investigations, make arrests, and seize assets related to the crime.

What can individuals do to safeguard against online trading fraud?

To protect against online trading fraud, individuals should be vigilant and conduct research before investing in any platform. Ensuring that the platform is regulated by an authorized government body is vital. Investors are advised to be wary of platforms promising unrealistically high returns.