89L Trading Scam Exposes Fake Profit Scheme
Cyber Fraud Case Highlights Investor Safety Concerns
The recent arrest of two individuals from Nashik, Yogeshwar Jagannath Kuthe and Hrishikesh Bhagwat Kuthe, brings attention to a significant cyber fraud case involving online stock trading scams.
The scheme, which duped a retired corporate executive out of ₹89 lakh, underscores the importance of exercising caution when dealing with online investment opportunities.
The Victim
The victim, Rajasekharan Harikrishnan, a 54-year-old former senior executive, had been lured by an advertisement on social media promising substantial returns through stock market trading.
An individual posing as “Professor Sanjeev Das” contacted the victim and encouraged him to invest, backed by others claiming to be financial experts.
The victim was instructed to invest through a bogus trading app, which showed profits before freezing withdrawal.
Between February 10 and March 6, the victim invested a total of ₹89 lakh. However, when he tried to withdraw a portion of the profits, he was informed that his account had been frozen due to a “regulatory inquiry.”
The Investigation
Investigations revealed that the accused allowed cybercriminals to use their bank accounts, transferring around ₹51 lakh of the cheated amount to multiple destinations.
A key breakthrough came when ₹51 lakh was found to have been transferred into an account linked to Pimpalgaon in Niphad taluka of Nashik.
Authorities detained the two accused and produced them before a court, which remanded them to police custody for further interrogation.
Cybercrime Experts Warn
Cybercrime experts warn that such frauds rely on “social engineering” tactics, building trust before executing the scam.
They often use groups, fake profiles, and bogus applications to trap investors.
Experts advise exercising caution, especially when dealing with unknown apps or unverified platforms, as these schemes are increasingly being used to carry out large-scale financial frauds.