Kochi: A Special Investigation Team of police have arrested three men in connection with a ₹24.76-crore online trading scam that duped a city-based businessman in Kochi. The arrested persons have been identified as PK Raheez (39) of Koduvalli, V Ansar (39) of Arakkoor, and CK Anees Rahman (25) of Pantheerankavu — were arrested from Kozhikode in a joint operation by Kochi City Police and the Cyber Police.

According to Kochi City Police Commissioner Putta Vimaladitya, the three played an active role in a two-year-long fraud that targeted the owner of a pharmaceutical company in Kadavanthra. The victim was lured into investing through a fake stock trading website of a platform called Capitalix, which promised high returns. Between March 2023 and August 2025, the gang siphoned off nearly ₹25 crore from the businessman’s accounts.

The accused were found to have operated from a rented room in Kozhikode, posing as online traders. The police seized 250 SIM cards, 40 mobile phones, 40 bank accounts, several laptops, computers, debit cards, and unopened courier parcels during the raid. The police said Raheez managed the bank accounts, Ansar handled SIM procurement, and Anees assisted in logistics.

“These men were not intermediaries. They were fully aware of what they were doing,” Vimaladitya said. The accused reportedly earned around ₹3.4 lakh from the transactions. The police have also managed to freeze ₹40 lakh of the defrauded amount and are tracing the rest of the funds.

Investigation revealed that the trio sourced bank accounts from different people on commission and used them to route money received from victims. SIM cards and mobile phones used in the fraud were supplied in sealed packages. Several unopened consignments were recovered, suggesting links to a wider network.

Earlier, Sujitha, a Kollam native, was arrested in the case for operating multiple mule accounts through which lakhs of rupees were transferred. She reportedly received commissions for transferring the money further.

The police said ₹16 crore of the total amount was transferred to an account in Hyderabad, whose holder is currently in jail in connection with a similar offence. The investigation has also uncovered possible foreign links, including a Cyprus connection, where the website is believed to be hosted. The domain is not registered in India, and efforts are underway to block its access.

The accused are believed to be part of a larger racket involving individuals from Kerala, other Indian states, and abroad. Police said the fraud involved over 90 transactions, followed by multiple layers of transfers to conceal the money trail. Forensic examination of the seized SIM cards and phones is in progress to identify more suspects.

The case shows how well-coordinated cyber frauds can drain crores over time. “We are tracking every account and every call involved,” police sources said.