Chennai: Dentist loses Rs 1.19 crore in fake share trading app, 2 arrested

CHENNAI: A city-based Dentist lost over Rs 1.19 crore to fraudsters after depositing money in various bank accounts run by fraudsters who lured her to invest in an online share trading platform.

The dentist saw an ad on Facebook and clicked a link after which he joined a WhatsApp group and downloaded the share trading app through a link sent by the fraudsters.

He also deposited over Rs 1 crore as the app showed that he was constantly earning profits. However, when he tried to withdraw the amount, fraudsters demanded more money after which he realised the con and filed a police complaint.

Last week, a case was registered by the cyber crime wing and a special team headed by ACP Paul Stephen was formed to trace the suspects. They followed the money trail and found that the dentist’s money was deposited in accounts belonging to two city men – I Sathish Kumar (35) and R Sathish (26), both from Tiruvottiyur – and apprehended them.

Police recovered Rs 23 lakh cash and two gold chains, allegedly purchased with the fraudulent money. They also seized cheque books and account kits of multiple bank accounts. The accused were produced before a magistrate and remanded in judicial custody.