Bizman's wife loses Rs 10 crore in share trading app scam; two mules from Chennai arrested

CHENNAI: The Central Crime Branch (CCB) of the city police arrested two people for allegedly cheating a businessman's wife of Rs 10.27 crore after luring her into a fake online share trading app.

Officials said the woman, a Kotturpuram resident, came across a social media advertisement promising huge profits in share trading. She joined a WhatsApp group, through which she was made to download an app. Over time, she invested the money in various bank accounts as instructed in the WhatsApp group.

But though the app showed an exponential profit, it did not reflect in her bank account. When she asked about this, the conmen demanded more money. But the woman realised she was taken for a ride and filed a complaint with the city police.

After investigating the case, a special team arrested Rajesh Ram (36) of Pozhichalur and Srinivasan (42) of KK Nagar on Sunday. Officials said they opened various bank accounts to which the victims’ money was transferred. From there, the money was transferred to their handlers in Malaysia, officials said.

The accused were produced before a magistrate, who remanded them in judicial custody.

"In online investment and part-time job scams, the victims are targeted through advertisements on social media like Facebook, Instagram, YouTube, etc. The Greater Chennai Police Commissioner cautioned the public to be careful about such advertisements offering high-profit, fake investment apps, and websites, and advised the public not to transfer money into unknown bank accounts," an official release stated.

Public are requested to contact Cyber Crime Helpline Number 1930 or register complaint in www.cybercrime.gov.in in case of any related offences, it added.