A six-member gang that was allegedly involved in operating an online share trading scam and defrauding someone out of ₹14 crore has been apprehended by the Tamil Nadu Police’s Cyber Crime Wing.
Additional Director General of Police, Cyber Crime, Sandeep Mittal, said the online trading scam involved “fraudulent individuals misleading victims into investing in fake share trading opportunities, promising high returns.”
“Cybercriminals, forming a group via WhatsApp, have created share investment apps, misleading people into believing they can earn up to 500 times their investment by trading shares online. They have circulated false information suggesting that many people are making significant profits through these apps, thereby cheating the public under the guise of online share trading,” he said in a statement.
According to the police, a gang member contacted the complainant in this case over WhatsApp in April and claimed to be a representative of Black Rock Asset Management Business School. In addition to claiming that Black Rock was approved by SEBI, he made a fraudulent claim that investing in the company would result in a 500% profit in two months.
With the condition that he pay a 20% service charge on the venture’s returns, the man persuaded the complainant to make the investment. The police claimed that after being convinced to download a mobile app via a link, the complainant invested ₹14 crore into multiple bank accounts.
The complainant complained to the National Cyber Crime Reporting Portal after realizing that the money he had invested was not being reimbursed. On the basis of this, the police recovered the funds from 13 bank accounts and filed a formal complaint with the Cyber.
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