Hyderabad man arrested for defrauding Kannur local of Rs 2.9 million through fake online stock trading

Kannur Cyber ​​Crime Department police have arrested 47-year-old Syed Iqbal Hussain from Hyderabad on suspicion of extorting Rs 29.25 lakh from a person from Kannur through a sophisticated online stock scam.

Hussain, a resident of Kalapather, Hyderabad, is alleged to have lured the victim, a resident of Pudhiyatheru, Kannur, Kerala, into a fraudulent online trading scheme after making contact through WhatsApp. The accused is alleged to have convinced the complainant to invest in a fake stock trading app, EltAs Fud, where he promised substantial profits. Hussain gave trading instructions through a Telegram group controlled by him.

Initially, the plaintiff was able to make impressive profits from EltAs Fud app, but when he tried to withdraw the money, he encountered various technical issues and realized that he had been cheated. Investigations revealed that the plaintiff had transferred ₹18.75 lakh directly into Hussain's bank account.

According to police sources, Hussain's account has been flagged over 200 times on the National Cyber ​​Crime Reporting portal. Currently, there are five active cases against him in Kerala and in the last month (August) alone, transactions worth over Rs 8 crore have passed through his account.

The accused transferred the extorted money through internet banking through multiple accounts to avoid detection. On the instructions of District Police Commissioner (City) Ajit Kumar, a team of Cyber ​​Police from Kannur went to Hyderabad and arrested the accused.

Further investigations are underway to trace the flow of funds and determine if there are any other victims involved in the scam.