Two Arrested in ₹59 Lakh Online Trading Scam in Chennai
Banker among two arrested for 59 lakh online trading fraud
The Times Of IndiaImage: The Times Of India
Two men, including a bank manager, were arrested in Chennai for their involvement in an online trading fraud that defrauded a Thiruverkadu resident of ₹59 lakh (approximately $71,000 USD). The victim was lured through a WhatsApp message and initially received returns before losing contact with the fraudsters.
- 01The fraud involved ₹59 lakh (approximately $71,000 USD) being stolen from the victim.
- 02The victim was initially attracted by promises of returns from online trading.
- 03The accused procured bank accounts for fraudulent activities.
- 04Both suspects were arrested by the Avadi cybercrime police.
- 05The case highlights the risks associated with online trading scams.
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In Chennai, the Avadi cybercrime police arrested two individuals, including a bank manager, for their roles in an online trading fraud that deceived a Thiruverkadu resident out of ₹59 lakh (approximately $71,000 USD). The victim, S Karthikeyan, 38, was enticed through a WhatsApp message earlier this year, leading him to invest money into bank accounts provided by the fraudsters, who claimed to offer online trading services. Initially, Karthikeyan received returns, which encouraged him to invest more. However, when the returns ceased and the fraudsters became unreachable, he reported the incident to the cybercrime unit. The police traced the transactions and identified the suspects: Vijaya Karthik, 26, from Tiruvallur district, and Monishraj, 26, a bank manager from Tiruvannamalai district. The accused allegedly obtained bank accounts from others for a commission and shared the details with fraud networks. Both were arrested, and their cellphones were seized for evidence.
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This incident raises awareness about the risks of online trading scams, prompting individuals to be more cautious when investing money online.
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