Abstract：A major online forex trading scam has been busted by the Cyber Crime Police of the Central Crime Branch (CCB), who have held four people who siphoned INR 2.26 crore from a Chennai-based individual.
A major online forex trading scam has been busted by the Cyber Crime Police of the Central Crime Branch (CCB), who have held four people who siphoned INR 2.26 crore from a Chennai-based individual.
Kishore, a T. Nagar resident, clicked on a link shared through a WhatsApp message that invited him to be part of a share trading platform. He made a total deposit worth INR 2.26 crore by making multiple transactions into several bank accounts. But as Kishore could not withdraw anything, he realized that he was duped. He complained about it at the Cyber Crime Police Station, CCB, Greater Chennai Police. As a result, the police registered a fraud case.
Police Investigation Begins, Four Accused Got Arrested
City Police Commissioner A. Arun formed special teams to investigate the matter. The teams conducted a comprehensive probe to check the fund trace. During the investigation, the police found that fraudsters from Tenkasi and Tirunelveli gathered to scam investors. As many as four accused were arrested by the special teams. These were Manivel (25), Simson Chelladurai (26), Roshan (35) and Sathyanarayanan (60). The teams recovered mobile phones and commission amounts of INR 4.38 lakh during the search process.
Accused Opened Multiple Current Accounts in Multiple Banks to Execute Forex Trading Scam
The accused gave addresses of temporary buildings as an excuse for setting up businesses to open multiple current accounts across several banks. Operating from different districts across Tamil Nadu, the group had an eye on defrauding the public by sourcing investments from investors and transferring their funds overseas via agents. The CCB prevented the accused from defrauding the young cine actress in the online forex trading scam in time.
Police Issue a Warning to Prevent Forex Scams
The police have issued a warning requesting people to avoid renting out their bank accounts to others. Doing so can make investors fall prey to the illegal practices employed by the fraudsters. At the same time, the police have advised building owners to remain cautious when renting out commercial spaces. According to police, fraudsters often manipulate rental agreements to procure GST numbers and commit scams.
Police Commissioner Mr. Arun advised the public to remain careful about fake calls promising high returns and fake investment websites and apps. He further advised people to avoid transferring money into unknown bank accounts. In case an online financial fraud takes place, one can contact the cybercrime branch by dialing 1930 or report the same on its portal www.cybercrime.gov.in.
Conclusion
The latest online forex trading scam just adds to the list of victims and the notorious game so successfully played by the fraudsters. Clicking on any link provided through a WhatsApp or text message is not COOL! Exercise restraint against such tendencies. At the same time, check the genuineness of forex brokers, whether they are registered and licensed by the competent authority. Its all about being proactive and alert to prevent potential forex scams.
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