Kochi: The city police are set to seek custody of two individuals arrested in connection with a Rs 25 crore trading scam based in Hyderabad. The case involves an Ernakulam-based businessman who was defrauded of approximately Rs 25 crore through the website Capitallx.com under the guise of trading.
Arrests Made by Kochi Cyber Police
Hyderabad residents Allamraju Satyanarayana Murthy, 36, and Banka Tyson Raju, 34, were arrested by the Kochi cyber police. According to law enforcement, the accused misappropriated Rs 16 crore linked to the scam. The fraud was executed by luring the victim to invest money for trading via the Cyprus-based website Capitallx.
Nationwide Cases Against Capitallx
Police confirmed that cases have been registered against the website Capitallx in various states across the country. Under the direction of Kochi city commissioner Kaliraj Maharaj, a special investigation team was formed to probe the case, which involved one of the highest amounts lost by an individual through cyber fraud in India.
Investigation and Arrests
The investigation revealed the involvement of the accused's institution operating out of Hyderabad in the misappropriation of around Rs 16 crore. The cyber police team obtained an arrest warrant from the court and proceeded to Hyderabad, where the accused, who were leading a luxurious lifestyle, were located and arrested. Previously, five suspects had been arrested in this case.
Background of the Accused
Murthy owns an IT company named Aasrita Mega Infotech and a construction company named Aasritha Infratech Pvt Ltd. Additionally, construction of 300 villas under the name Aero Villas is underway. According to police, preliminary investigation indicates that the accused, who started as an employee in an IT company, rose to become the owner of various companies in a short period through money obtained from cyber fraud.
Next Steps in the Investigation
It is expected that further crucial evidence will be obtained in this case through the questioning of the accused in custody, police said. The special investigation team continues to work on uncovering the full extent of the scam.
