Chennai: The Avadi cybercrime police have arrested two individuals, including a manager of a private bank, for their involvement in an online trading fraud that defrauded a man from Thiruverkadu of Rs 59 lakh.
Details of the Fraud
The complainant, S Karthikeyan, 38, was initially lured through a WhatsApp message earlier this year. Between January and April, he transferred money to bank accounts provided by individuals who claimed to offer online trading services. According to police, Karthikeyan received returns for the first few days, which encouraged him to invest larger sums. However, when the returns stopped and the contact numbers became unreachable, he filed a complaint with the cybercrime wing at the Avadi commissionerate.
Investigation and Arrests
Police traced the money trail and identified two suspects: Vijaya Karthik, 26, from Tiruvallur district, and Monishraj, 26, a manager at a private bank from Tiruvannamalai district. The accused allegedly procured bank accounts from individuals for a commission and shared the account details with fraud networks involved in transferring and withdrawing money from victims. They also received a share of the proceeds. The cybercrime team arrested both accused and seized two cellphones used in the operation. They were produced before a magistrate court and remanded in judicial custody.
Modus Operandi
The fraud syndicate operated by sending WhatsApp messages promising high returns on online trading. Once victims showed interest, they were directed to transfer funds to multiple bank accounts. The accused facilitated this by providing accounts and handling withdrawals. Police are investigating further links to larger fraud networks.
