The Hyderabad Cyber Crime Police have arrested a man from Gurgaon, Haryana, as part of an extensive investigation into a trading fraud case. The accused is linked to 12 cases across India, including three in Telangana. So far, the cybercrime unit has apprehended seven individuals in connection with this scam. One of the arrested, Vineet Chadha (58), held an IDFC Bank account into which Rs 40 lakh was credited. Earlier arrests include six individuals from Gujarat: Viradya Mohitbhai Ghanshyambhai on July 2; Bullan Karpatu Yadav and Rohan Jagadeshbhai Limbachiya on July 4; and Kureshi Shafinbhai Yunusbhai, Mer Kishan Kanubai, and Mer Manish Bharatbhai on July 8.
Victim’s Experience with Fraudulent Trading Platform
The case came to light after a 62-year-old Hyderabad man was targeted through a Facebook advertisement promoting a trading platform hosted on the website https://m.ironfxcom.cc/#/user. Following instructions sent via WhatsApp, the victim downloaded the app and began investing large sums using different bank accounts provided within the platform. The site initially showed daily profits, encouraging the victim to invest further. Ultimately, he deposited a total of Rs 2,02,70,931 and actively participated in trading activities.
The Fraud Unravels: Demands for “Tax” Payments
When the victim later attempted to withdraw his money, he was told he needed to pay additional amounts labeled as ‘taxes’ before any withdrawal could be processed. The fraudsters persistently urged him to deposit more money. Over time, the victim realized he had been deceived and fell victim to an elaborate online financial scam.
Cybercrime Officials Warn Public
The Cyber Crime Police have issued warnings urging the public to exercise caution with online stock trading and investment schemes promising extraordinarily high returns in a short period. They advise verifying the legitimacy of such offers before sharing personal or financial information. Scammers frequently use social media platforms such as Telegram, WhatsApp, X, Instagram, and Facebook to advertise fake investment apps and websites.
If anyone suspects they are a victim of cybercrime, they are encouraged to immediately contact authorities by dialing 1930 or visiting https://cybercrime.gov.in/ for support and assistance.
