Cyber frauds swindle `9.81 cr from 3K victims

HYDERABAD: Four interstate cyber fraudsters were arrested for cheating 3,000 gullible people in the name of online trading and `9.81 crore cash was seized from their possession.

The Cyberabad cybercrime police arrested the accused from UP and Rajasthan and brought them to the city. During interrogation, they confessed that they had targeted 3,000 customers online with a bogus trading named Market Box trading application.

The accused managed to develop an online app in the name of Market Box/MB www.marketbox.in <http://www.marketbox.in/>, and were promoting it on various WhatsApp and Telegram groups, Cyberabad police commissioner Stephen Ravindra said in a press meet on Monday.

The accused lured the customers through promotion and advertisement of this trading app on various chat groups on different platforms.

The accused were identified as Abhishek Jain, a native of UP, Pawan Kumar Prajapat, a native of Udaipur, Rajasthan, Akash Roy, Rajasthan and Krishna Kumar of UP.

Abhishek Jain and Aksh Roy were arrested from Mughalsarai town of Chandauli district, while Pawan and Krishna Kumar were arrested from Rajasthan.

The team acted on a complaint lodged by one of the victims for cheating him of `27,90,000 in 2021. The complainant had stated in his complaint that he started online trading on Market Box and initially invested `9,999 and lost the whole amount. Later he again deposited `10 lakh, traded and received `14.9 lakh. He had invested a total of `27,90,000 lakhs till he realised that the company was a fraud and approached the police, Ravindra said.