Fake Trading App Scam: Chennai Woman Loses Rs 10.27 Crore, Two Suspects Arrested

The Central Crime Branch of Chennai has arrested two men accused of scamming a Kotturpuram woman out of Rs 10.27 crore through a fake online share trading app.

The woman was reportedly drawn in by a social media ad promising big returns from share trading. After joining a WhatsApp group linked to the ad, she was instructed to download an app. She invested money over time, as directed by members of the WhatsApp group, with the app showing impressive “profits.” However, she noticed that none of these gains were reflected in her bank account. When she asked about it, the scammers demanded even more money. Suspecting foul play, she reported the matter to the police.

Following her complaint a special police team identified and arrested Rajesh Ram (36) from Pozhichalur and Srinivasan (42) from KK Nagar. Investigations revealed that they had set up several bank accounts to collect victims’ funds, which were then funneled to handlers in Malaysia. The two were taken before a magistrate and are now in judicial custody.

According to DTNext, The Greater Chennai Police Commissioner asked the public of Chennai to stay alert to any advertisement on social media platforms like Facebook, Instagram, and YouTube. This advertisement promises high profits through fake investment apps or part-time job offers. According to Greater Chennai Police Commissioner never invest on any platforms like this.

For any help related to online fraud please contact the Cyber Crime Helpline at 1930 or file a complaint at www.cybercrime.gov.in