Three held in ₹61.39 lakh fake trading scam

way2barak, July 15 : The cyber crime wing of Cyberabad Police arrested 13 persons from multiple States in connection with eight cybercrime cases detected between June 25 and July 12, including a fake online trading and IPO investment scam in which a woman was cheated of ₹61.39 lakh.

Among those arrested in the investment fraud case are Tilak Seiwal, Kapil Ahir and Sumit Ahir — all from Madhya Pradesh. Police found that the trio knowingly created and provided bank accounts to cyber fraudsters for receiving and routing the cheated money in return for commission.

According to investigators, the fraudsters lured the victim through a sponsored advertisement on Instagram offering lucrative stock market investment opportunities. She was then added to WhatsApp groups that falsely claimed to represent Ventura Securities, where fake analysts and mentors persuaded her to invest through a forged trading application called VenSec Pro.

Police said the application displayed fabricated trading activity and virtual profits exceeding ₹1.14 crore to convince the victim that her investments were generating substantial returns. To gain her confidence, the fraudsters initially allowed her to withdraw ₹4,500 before persuading her to invest repeatedly in purported OTC trades, upper-circuit stocks, block deals and IPO subscriptions.

When the victim later attempted to withdraw her investments, the fraudsters demanded additional payments towards commissions, taxes and processing charges. After receiving the money, they blocked her trading account and disappeared, leaving her with losses amounting to ₹61.39 lakh.

Cyberabad Police said that of the eight cases detected during the period, four were related to online trading fraud, while one case each involved visa fraud, cryptocurrency fraud, child sexual abuse material and job fraud. Of the 13 accused arrested, eight were linked to trading fraud cases, two to a visa fraud case and one each to cryptocurrency fraud, child sexual abuse material and job fraud.

The police also obtained court orders for the refund of ₹76.09 lakh to victims in 36 cybercrime cases.

Police advised the public to verify whether investment platforms are registered with the Securities and Exchange Board of India (SEBI) before investing, avoid downloading trading applications through links shared on social media or messaging platforms, and remain cautious of WhatsApp or Telegram groups promising guaranteed returns or insider trading tips. They also warned that genuine investment firms do not demand advance commissions, taxes or processing fees to release profits.

Victims of cyber fraud have been urged to report incidents immediately through the National Cyber Crime Reporting Portal or by calling the cybercrime helpline 1930.