2 Fraudsters Apprehended for Defrauding a Vanagaram-Based Dentist of ₹1.2 Cr in Online Trade Market App

2 Fraudsters Apprehended for Defrauding

2 Fraudsters Apprehended for Defrauding a Vanagaram-Based Dentist of ₹1.2 Cr in Online Trade Market App

The accused allegedly assisted the fraudsters in opening bank accounts, according to the police.

Chennai, Tamilnadu:  Earlier this week, a dentist from Vanagaram lost ₹1.19 crore in an online share trading program. On Saturday, the Chennai police announced that they had detained two individuals from Thiruvottiyur in connection with this unfortunate incident.

According to the police, the individual who filed the complaint attempted to withdraw his money after the app revealed that he had made big earnings; nevertheless, the con artists demanded additional funds.

The Chennai police made the arrests of I Satish Kumar, who is 35 years old, and R Satish, who is 26 years old. Additionally, they were able to seize cash totaling 23.8 lakh rupees, gold chains, and information regarding multiple accounts that were utilized to transfer the money.

In a related situation, the Tambaram police announced on Saturday that they had detained two persons from Kerala who had posed as officers of the Railway Regulatory Authority of India (TRAI) and the Central Bureau of Investigation (CBI) in order to scam a resident of Irumbuliyur after threatening to investigate him for money laundering. They took possession of a vehicle that had reportedly been purchased with the money.

On the other hand, Telangana police landed in Chennai on Saturday in order to make an arrest of a resident of Maduravoyal. The individual in question is said to have had five crore rupees put into his account by cybercriminals. The accused allegedly assisted the cyber criminals in opening bank accounts, according to the police.

RBI Blocked Highly Famous Trading Apps in India

On the 7th of September 2022, the apex bank of India — Reserve Bank of India stopped the usage by declaring 34 online forex trading platforms as illegal including some famous forex trading platforms such as Octa FX India, Binomo, and Olymp Trade.

Still, people are highly using these platforms in their daily lives by highly using these banned applications.

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About The Author:

Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space.  Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM.  Naager entered the field of content in an unusual way.  He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts.  He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field.  In the bottom line, he frequently writes for Craw Security.


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