Hyderabad Man Arrested for Rs 29 Lakh Online Share Trading Fraud

A man from Hyderabad, Mohammad Adnan, was arrested for allegedly cheating a Kerala resident of Rs 29 lakh through a fraudulent online share trading scheme. The investigation led by cybercrime police across states uncovered a larger scam involving multiple bank accounts in different regions.

A Hyderabad resident, Mohammad Adnan, has been apprehended for allegedly deceiving an Alappuzha resident of Rs 29 lakh through a fake online share trading scheme, as reported by the police. This arrest was made possible through a coordinated effort between the Telangana Cyber Crime Police and their counterparts in Alappuzha.

The fraud unfolded when Adnan contacted the victim on Facebook, enticing him to invest with promises of high returns. The victim was provided a link to a counterfeit trading site that falsely displayed growing profits. When attempts were made to withdraw funds, the victim was asked to pay a fabricated tax, raising suspicions.

The victim then reported the scam, leading to an FIR through the National Cyber Crime Reporting Portal. Investigators have since frozen Rs 6 lakh and identified various bank accounts used in the fraudulent scheme across India, with further inquiries underway to track down all involved parties.

(With inputs from agencies.)