IT worker loses Rs 1.7 crore in fake stock trading website scam in Chennai; two arrested

CHENNAI: City Police's Cyber crime wing on Saturday arrested two persons who cheated a software professional of Rs 1.7 crore after luring him to invest in a fake stock market trading website.

The victim, a resident of Manapakkam works at a private IT firm joined a whatsapp group after clicking on a link while browsing social media.

The admins in the Whatsapp group made the victim download an app and make investments as advised by them, promising more profits.

The victim ended up depositing Rs 1.7 crores in various bank accounts and while exponential profit was shown in the app, the victim was unable to withdraw the money and when he questioned the admins in the Whatsapp group, they demanded more money after which he realised that he was scammed.

Based on a complaint, the Central Crime Branch (CCB) began probe and special teams traced two persons - B Gunaseelan (25) and G Ilaiayakumar (27) - both from Pallipattu, Thiruvallur District.

Police recovered four Aadhar cards, nine ATM cards, sim cards and cheque books from the accused.

The accused opened bank accounts for cheating public through online fraud, police said.

The accused were produced before a magistrate and remanded to judicial custody.

City police has appealed to the general public from falling for targeted ads on social media which lure people to join fake stock trading apps and websites with false promise of exceptional profits.

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