Teacher loses ₹95 lakh in online gold trading scam; two arrested in Malappuram
Police recovered 15 ATM cards, 15 cheque books, 11 passbooks, and ₹10,400 in cash from the accused.
Police recovered 15 ATM cards, 15 cheque books, 11 passbooks, and ₹10,400 in cash from the accused.
Police recovered 15 ATM cards, 15 cheque books, 11 passbooks, and ₹10,400 in cash from the accused.
Malappuram: The Cyber Police in Malappuram have arrested two key accused in a major online investment scam in which a school teacher was allegedly defrauded of ₹95 lakh. According to police, the victim was lured with promises of lucrative profits through online gold trading.
The accused initially contacted the complainant via WhatsApp, convincing him to join a trading group where they claimed he could earn up to 60 per cent profit on his investments. Trusting them, the teacher transferred approximately ₹95 lakh in multiple instalments to various bank accounts provided by the fraudsters.
Later, the accused demanded additional payments under the pretext of processing returns, which raised the victim’s suspicion. Realising he had been cheated, the complainant filed a case through the National Cyber Crime Portal, prompting an investigation by the Malappuram Cyber Police.
The police traced the fraudulent transactions to the bank account of Muhammad Aslam (20), son of Rasheed, Mattanayil House, Marampally in Perumbavoor. His account was directly linked to the scam. Further investigation revealed the involvement of another Marampally native, Muhammad Afsal (20), son of Azeez, who acted as an intermediary, renting bank accounts to the fraud syndicate.
Both suspects were arrested from Perumbavoor with the assistance of the local police. Investigators believe the duo were part of a larger network specialising in financial fraud using rented bank accounts.
During the arrest, police recovered 15 ATM cards, 15 cheque books, 11 passbooks, and ₹10,400 in cash from the accused. They were produced before the Manjeri Chief Judicial Magistrate Court and remanded in judicial custody for 14 days.
The arrests were carried out under the supervision of Inspector IC Chitharanjan, with the cyber team comprising SI Najmuddin, SCPO Ranjith KT, SCPO Rajarathnam, and CPOs Arun K, Vishnu Shankar, and Mansoor Ayyoli. Police said further investigations are underway to identify other members of the fraud network.