West Bengal Trio Arrested for ₹1.6 Crore Stock Trading Scam in Tamil Nadu

Quick Summary

• The Cyber Crime Wing of the Tamil Nadu Police arrested three men from West Bengal for involvement in an online stock trading investment scam.
• The scam typically targets victims via WhatsApp or Facebook, showcasing fake testimonials and small initial returns to build trust. Victims lose large sums when fraudsters disappear.
• case 1:

– A victim was lured by a fake trading app link on Facebook, losing ₹1.6 crore.- Sahazada hossain from Cooch Behar, West Bengal, was arrested near the Bangladesh border; linked to 29 cases in the national Cyber Crime reporting Portal (NCRP).

• case 2:

– Another victim from Tamil Nadu lost ₹50 lakh after being duped via a fraudulent investment app on WhatsApp last year.
– Two suspects where apprehended:
– Amit Saha (linked to 35 NCRP cases), suspected as the prime creator behind mule accounts.
– Kamalesh Debnath acted as a mule account agent who earned commissions by sourcing bank accounts for scams.

• Investigations are ongoing using information provided by the suspects.

Indian Opinion analysis

The arrests underscore India’s growing challenge of combating cybercrime amidst rising digital financial activities. These scams exploit human psychology-building trust with fractions of payouts before eroding their victims’ savings-a testament to evolving methods among cybercriminal networks. Especially notable is how well-organized these operations have become, leveraging local agents for mule accounts that facilitate financial transactions without triggering immediate suspicion.

With suspects linked to dozens of cases nationwide through NCRP records, this case highlights two urgent needs: enhanced inter-state coordination among police forces and stronger surveillance mechanisms over digital platforms like WhatsApp and Facebook, frequently exploited for fraud schemes. As India drives towards greater use of technology in everyday life,such incidents could push policymakers to revisit regulations around secure online engagement and user education against phishing tactics.

Read More: the Hindu