Man Arrested for Rs 8.14 Crore Trading Scam in Hyderabad
The Telangana Cyber Security Bureau (TGCSB) has arrested a 43-year-old man for his involvement in a trading scam that defrauded a victim of Rs 8.14 crore. The accused, identified as Sharvan Kumar Sharma, is a resident of Chittorgarh in Rajasthan.
Police apprehended Sharma in Rajasthan and transported him to Hyderabad for further investigation. The scam came to light after a resident of Banjara Hills reported being duped through a fraudulent trading scheme.
According to TGCSB, the victim was lured into the scam through a WhatsApp group that falsely promised high returns on block trades and IPOs. Over the course of three months, the victim transferred Rs 8.14 crore to accounts connected to the scheme. The fraudsters used a fake trading application to display non-existent profits.
When the victim tried to withdraw the funds, the scammers demanded additional fees. Suspicious of their demands, the victim refused to pay. Communication was then cut off, and the fake trading app stopped functioning, leading the victim to realize he had been defrauded.
Investigations revealed that the accused had opened a current account under the name “Harihar Enterprises.” Around Rs 27 lakh of the defrauded money was routed through this account. Sharma is also accused of providing the account credentials to others for misuse, in exchange for commissions.
The police have seized Sharma’s mobile phone and are working to identify other individuals involved in the scam. Additional arrests are expected as the investigation continues.
The TGCSB has urged the public to stay vigilant against online frauds. They advised victims to report any such incidents immediately by calling the helpline at 1930 or filing complaints on the National Cyber Crime reporting portal.
