Cyber Fraud Alert: UP Man Arrested for Duping Bhubaneswar Victim of Rs 98 Lakh in Fake Share Investment Scam
Bhubaneswar police have nabbed a cybercriminal from Uttar Pradesh who tricked a local man into losing over Rs 98 lakh with promises of big returns on share investments. The arrest highlights the growing dangers of online investment scams targeting everyday people.
Deputy Commissioner of Police Jagmohan Meena shared the details during a media briefing on Friday. The accused, 33-year-old Mohd Shadab from Rahimpur village in Bijnor district, UP, posed as officials from IIFL Securities Limited to fool the victim.
It all started in June when the victim got a WhatsApp link inviting him to join a group called "X05-IIFL SECURITIES LTD." Fraudsters in the group used the company’s logo and sent misleading messages to lure him in. They promised huge profits from trading shares and securities, making it sound like an easy way to multiply his money.
The victim fell for the cyber fraud and transferred Rs 98.10 lakh to various bank accounts provided by the scammers between June 17 and July 1. Police sources revealed that the fraudsters ran their scheme through two fake websites: https://cequityinsightyu.com and https://fintrendhub.com.
When the victim realized he’d been scammed, he filed a complaint at the Cyber Crime and Economic Offences Police Station in Bhubaneswar on July 4. Investigators quickly traced Rs 30 lakh of the money to a firm called M/S CHAUDHARY CONTRACTOR AND SUPPLIER in Bijnor, UP. The firm’s bank account was linked directly to Mohd Shadab.
With help from Kotwali City Police Station in UP, a Bhubaneswar police team arrested Shadab on Wednesday. They brought him to Odisha on transit remand and produced him in court on Friday, where the judge sent him to judicial custody.
This case serves as a stark reminder to stay vigilant against WhatsApp investment scams and fake trading platforms. If you spot suspicious links or offers promising quick riches, report them immediately to avoid falling victim to cyber fraud in India.
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