Hyderabad police have apprehended Mohammed Ashfaq, a resident of Hyderabad, for defrauding people of Rs 49.90 lakh through online trading. The arrest followed a complaint from a victim in Hyderabad, leading to the discovery of Ashfaq’s involvement in cyber fraud. Ashfaq, a 33-year-old general store owner, allowed cyber fraudsters to use his bank account for fraudulent activities related to the online stock market.
Investigations revealed that a substantial amount of Rs 3.70 crore was deposited into Ashfaq’s account by the cyber fraudsters. These fraudsters, with Ashfaq’s cooperation, manipulated the funds through internet banking by obtaining OTPs from him. The victim, lured by promises of high returns, initially invested Rs 2 lakh in the scheme, only to realize later that it was a scam.
The victim, contacted through WhatsApp by someone posing as Meena Bhat from the 86 DBS India Wealth Group Investment, was enticed to join a group for stock trading. After depositing money and making stock purchases as instructed, the victim was coerced into further investments under false pretenses. Subsequently, upon refusal to invest more, the victim was blocked from the group, prompting him to report the fraud to the Cybercrime Police Station.
The fraudulent activities orchestrated by Ashfaq and the cyber fraudsters spanned 29 cases across India, with a significant number of victims from Telangana, Karnataka, Maharashtra, Gujarat, Uttar Pradesh, Odisha, Assam, Haryana, and West Bengal. The case has been registered under relevant sections of the IT Act and the BNS based on the victim’s complaint.
