Kochi: The key accused in a cyber fraud case, where an Ernakulam resident was allegedly cheated of Rs 24.76 crore through a fake online trading scheme, was remanded back to judicial custody on Saturday after the expiry of his three-day police custody period.
Key Details of the Case
Police sources said investigators gathered crucial information during the interrogation of Allamraju Satyanarayana Murthy, a Hyderabad resident believed to have led the fraud network. He allegedly disclosed details of four associates based in Hyderabad, and efforts are underway to trace them. According to investigators, the four individuals had financial dealings with Murthy. Police have also examined his phone records and financial transactions as part of the probe.
After the completion of police custody, Murthy was produced before the Ernakulam chief judicial magistrate court, which remanded him to judicial custody. His associate, Tyson Raju, also remains in remand. Sources said both accused are likely to be taken into custody again for further questioning as the investigation progresses.
How the Fraud Operated
The fraud was carried out through a Cyprus-based trading website called Capitallx, which lured victims with promises of high returns on investments. The group siphoned off a total of Rs 24.76 crore through 25 bank accounts between March 15 and Aug 29, 2023. Cases have been registered against Capitallx in multiple states across the country. The case is considered one of the largest amounts lost by an individual through cyber fraud in the country.
Investigation and Arrest
Under the direction of Kochi City Police Commissioner Kaliraj Maharaj, a special investigation team was formed to probe the case. Investigations revealed that Murthy's institution, operating out of Hyderabad, was involved in the misappropriation of around Rs 16 crore. The cyber police team subsequently obtained an arrest warrant and travelled to Hyderabad to make the arrest. Murthy owned an IT company and a construction company and was reportedly living lavishly at the time of his arrest. Investigators are now examining whether money siphoned through cyber fraud funded his businesses and lifestyle.
