Two arrested in Aluva for online trading scam defrauding victim of Rs 33.5 lakhs

ALUVA: Two youths have been arrested for allegedly extorting a significant amount of money by enticing victims with promises of high profits through online trading. K K Mohammad Nijas (25) from Thoppumpadi Panayapilly Moonpiece and Mohammad Sameer (34) were arrested by the Ernakulam Rural District Cyber Team.

A group of individuals, including the arrested suspects, defrauded a resident of Aluva of Rs 33.5 lakhs. The victim made five transactions, initially receiving a dividend of Rs 5000 upon the first deposit.

In the scheme, the victim was added to a WhatsApp group with over 200 members using a link from Block Trading Academy. They were encouraged to purchase shares of various companies with promises of 350 percent profit daily. Subsequently, victims were asked to provide bank and personal details through a provided link.

The transactions, remittances and profits were purportedly tracked on the company's website, with funds being deposited into different accounts. The victim complied with this process five times before suspicions arose when pressured to make further deposits for larger profits. The scam was exposed when the victim refused and reported the matter to Dr. Vaibhav, the rural district police chief, who then filed a complaint with Saxena. Following an investigation led by the cyber team, two individuals were arrested.