Two Arrested for ₹4.43 Crore Fraud Targeting Doctor via Fake Online Trading

Rapid summary

• Incident: Kannur City cyber police arrested two individuals from Chennai for allegedly defrauding a Mattanur-based doctor of ₹4.43 crore through a fake online share trading scheme.
• Accused: Mahabubash Farooq (39) adn Rijas (41).
• Modus Operandi: The accused lured the victim via WhatsApp with promises of high returns through a “wealth profit plan” linked to a company named Upstox. They operated a fake trading app showing fictitious profits but blocked withdrawal attempts, citing technical issues.
• Money Trail: Investigators revealed ₹40 lakh was credited to an account controlled by the accused; funds were withdrawn via ATM or transferred further using internet banking.
• Police Action: Arrests were made following an investigation led by District Police Chief P. Nidhinraj, supervised by Additional SP Sajesh Vazhalappal and Cyber Crime inspector Mahesh Kandambet using forensic tools like IMEI tracking and bank account analysis.

Indian Opinion Analysis

This case highlights alarming vulnerabilities in India’s online financial systems, particularly in combating cyber fraud targeted at individuals unfamiliar with complex investment platforms or deceptive schemes promising exorbitant returns. It underscores the need for enhanced public awareness about digital security practices, and also regulatory oversight on fintech platforms associated with such scams-whether directly implicated or impersonated by fraudsters.

The collaboration between various law enforcement teams demonstrates commendable coordination and investigative rigor,setting an example for handling complex financial crimes involving cross-state operations and technology misuse. While individual cases like this one bring attention to large-scale deception tactics, systemic measures such as stricter KYC protocols for account holders may mitigate similar risks long-term.

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