Hyderabad: Three individuals involved in a fraudulent online stock trading case, were arrested by the Telangana Cyber Security Bureau (TGCSB) following a complaint where the victim lost Rs 13.16 crore.
The accused have been identified as Sayed Khaja Hashim Uddin, 24, Arafat Khaled Mohinuddin, 25, and Mohammed Atheer Pasha, 25.
According to reports, the complainant, a senior citizen, was lured by WhatsApp messages from a person identified as Ravi Pavagi, leading him to join fraudulent online stock trading groups. The victim invested substantial amounts, initially receiving small profits to build trust. However, the fraudsters later manipulated the victim into investing a total of Rs 13.16 crore while preventing withdrawals and ultimately disappearing with the funds.
After filing a complaint, through investigation it was revealed that the accused, Sayed Khaja and Arafat Khaled, were running an illegal crypto business, buying and selling cryptocurrency through unauthorised platforms. Whereas the other accused, Atheer Pasha’s bank account was used as a mule account to facilitate these transactions.
The TGCSB has appealed to citizens to be cautious with online financial transactions and not to allow their bank accounts to be used for suspicious activities. Further, they are advised against participating in illegal crypto trading and are encouraged to report any dubious activities to prevent misuse of their identities.
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