The Indian stock market has been giving strong returns for the last few years. In such a situation, many new people have started investing money in the stock market who do not know its intricacies. Cyber criminals look for such people to commit fraud. Market regulator SEBI is continuously making people aware about this. But fraudsters are adopting new tactics to trap people.
The Indian stock market has been giving strong returns for the last few years. In such a situation, many new people have also started investing money in the stock market, who do not know its intricacies. Cyber criminals look for such people to commit fraud. Especially, by using social media platforms like Facebook, Telegram and WhatsApp. Market regulator SEBI is continuously making people aware about this. But, fraudsters are adopting new tactics to trap people.
Biometric reader also confiscated
In a case of online trading fraud in Kerala, the cyber crime unit of Malappuram police has arrested a person with more than 40 thousand SIM cards and 180 mobile phones. Six biometric readers were also found with him. Accused Abdul Roshan is a resident of Koppa, Karnataka. He was caught on the complaint of a person from Malappuram.
The man alleged that Abdul Roshan had trapped him in the name of online trading and defrauded him of Rs 1.08 crore. Victim found a link to a share market website on Facebook. His bad days started just after clicking on it. Fraudsters trapped him in their net.
How did the fraudsters trap you?
The cybercriminals posed as customer service representatives of a stock market site. They extorted huge amount from the victim by luring them with huge returns and dividends. Whenever the person did not get any return or dividend after 'investing' more than Rs 1 crore, he directly complained to the cyber police.
The police took this matter very seriously. Karnataka Police also helped Malappuram Police a lot and together they reached the accused, who was hiding in a rented room in Kotak district of Karnataka.
The matter may become big
Police officials say that this case can be very big and many people are likely to be involved in it. Police said the accused used phones and SIM cards to obtain OTPs from cyber fraud victims. Mobile shops linked to the network of accused Abdul Roshan used to take fingerprints of their customers without their knowledge and then used them to activate the SIM cards.
Abdul Roshan bought such SIM cards for Rs 50. Never before had such a large number of SIM cards been used for any online fraud in the state. From this it can be estimated how large could be the number of victims of Abdul Roshan and his fraud.
0 Comments