Key Accused Arrested in Fake Trading Scam

Swift Summary:

• The police arrested Zainul Abideen, 41, the key accused in facilitating mule bank accounts for cyber fraudsters in a ₹4.43 crore scam targeting a retired 73-year-old doctor in mattannur,Kerala.
• A mule account is a bank account used for cyber fraud transactions under another person’s name. In this case, ₹44 lakh was transferred too an account opened under the name of Senthil Kumar from Chennai.
• The victim was lured into investing thru an online trading scheme on WhatsApp wiht fraudulent promises linked to a platform named Upstox.
• Fake trading applications displayed inflated profits while withdrawals were blocked with excuses demanding more investments,revealing the scam only later.
• Abideen earned ₹1.2 lakh commission and managed debit cards and OTPs related to these fake accounts. His associates Mahaboobash Farooq and Rijas were earlier arrested in chennai for related offenses.
• Police have frozen several accounts tied to these fraudulent activities that collectively hold ₹36 lakh.
• abideen also faces other cybercrime charges from Visakhapatnam and was previously arrested but released on bail for another online fraud case.

Indian Opinion Analysis:

This incident highlights the increasing sophistication of cybercrime schemes exploiting vulnerable individuals using technology platforms such as WhatsApp groups and counterfeit trading applications tied to legitimate-sounding services like Upstox.The use of mule accounts underscores systemic loopholes wherein unscrupulous actors create layers of obfuscation.India’s growing adoption of digital payment modes necessitates enhanced cybersecurity measures-from user awareness campaigns targeting senior citizens to strong regulatory oversight against improper bank account handling or exploitation schemes.While police efforts have led to progress by freezing linked funds worth ₹36 lakh and arresting multiple perpetrators including Abideen in ongoing investigations, such incidents underscore larger challenges around prevention mechanisms involving financial institutions at scale-a critical area requiring collective action from both private entities and public enforcement bodies.

Read More: Published – September 13, 2025