Cyber frauds carried out in the name of online trading and high-return investment schemes are becoming increasingly sophisticated and technologically organised. In the alleged ₹25-crore online trading cyber fraud case reported in Kerala’s Kochi, investigators have found indications suggesting that the money collected through the scam may have been routed through fake profiles, shell accounts and multiple investment channels to conceal its origin. The Special Investigation Team (SIT) of Kochi City Police has identified four Hyderabad-based individuals who are suspected to have had financial and business links with the prime accused, Satyanarayana Murthy.
Modus operandi — fake profiles and layering
According to investigators, the preliminary probe suggests that victims were lured into investing money through online trading and investment platforms with promises of unusually high returns. The funds allegedly collected from victims were later transferred through multiple bank accounts, investment instruments and property transactions in an attempt to disguise the original source of the money. Officials suspect that several people may have been involved at different levels of the network, including individuals who did not directly interact with victims but allegedly helped manage financial transactions and investments linked to the racket.
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Hyderabad links and possible ghost profiles
Sources said the SIT is now trying to determine where the allegedly defrauded money was invested and whether the role of the four Hyderabad-based persons was limited to financial dealings or if they were actively involved in operating the larger network. Investigators have begun scrutinising their banking records, investment documents, property transactions and digital communications. Officials said several important leads have emerged during questioning and technical analysis of digital evidence.
The investigation took a new turn after the prime accused reportedly referred to a Jharkhand-based person as a member of the alleged network during interrogation. However, the cyber investigation team is now expressing serious doubts about the authenticity of that claim. Officials suspect the identity may have been created merely to mislead investigators and conceal the actual money trail. The SIT is currently verifying whether such a person actually exists or whether it was a fabricated “ghost profile” built using fake digital documents and mobile connections.
Tracing transactions and custodial interrogation
Investigators said cybercriminals in recent years have increasingly relied on fake bank accounts, rented mobile numbers, shell companies and digital wallets to move money across multiple channels. Such methods make it difficult for law enforcement agencies to identify the final beneficiaries of fraudulent transactions. Keeping this pattern in mind, the SIT is conducting a layer-by-layer analysis of call detail records, financial transactions and suspicious investment activities linked to the case.
Considering the seriousness of the matter, the investigation team had sought police custody of the accused from the court. Custodial interrogation was permitted on May 14, following which the accused was questioned in detail till May 16. Based on the information gathered during interrogation, the scope of the probe has now been expanded further. Sources indicated that more people may be summoned for questioning in the coming days and additional names could emerge during the course of the investigation.
Expert view and investigative challenges
Cybercrime experts say online trading scams have evolved into highly organised operations that go far beyond conventional fraud techniques. Fraudsters use social media advertisements, fake investment advisors and messaging platforms to lure victims by promising “guaranteed returns.” Once funds are collected, the money is allegedly routed through multiple accounts and digital channels in a way that makes tracing extremely difficult.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said cybercriminals are now extensively using social engineering and financial layering techniques to target victims. According to him, analysing digital trails, banking patterns and suspicious investment activities has become one of the most critical aspects of modern cybercrime investigations.
