Police nabbed fraudster who duped Rs 5.27 cr
By : DC Correspondent
Update: 2024-09-18 15:58 GMT
Hyderabad: A special team of Telangana Cyber Security Bureau (TGCSB) arrested a fraudster who duped a Hyderabad resident of Rs 5.27 crore from his house in Contai city of West Bengal. The accused Saidul Islam Khan, on July 11, duped the victim after trapping him through `Facebook` stating that he was generating lucrative returns through stock recommendations.
Saidul Islam asked the victim to join a WhatsApp group named ‘A117 IIFL SECURITIES Official Stock Community’ on May 7. After the victim joined the group, a person named Ankur Kedia, who claimed to be the chief investment officer of IIFL Securities and one of the group’s admins, kept in touch with the victim for further communication, said TGSCB SP Devender Singh.
Kedia, started sharing stock recommendations in the group and, after a few days, advised the victim-cum-complainant to apply for the Initial Public Offerings (IPOs) of several companies that were expected to be listed in June and July 2024. Kedia claimed they could facilitate the application and purchase of IPOs through “Institutional buyers” for the victim as a high net worth individual (HNI). The victim was promised assured allotments and significant profits. After believing the assurances, the complainant was given the account details of certain firms which Kedia described as regulatory accounts used for processing the IPO transactions as per the IIFL Securities’ procedures, Devender Singh said.
Trusting this, the complainant made his first transaction on 9 June 2024 and the last one on 2 July 2024, transferring a total of Rs 5,27,69,000 into their accounts. The accused promised the victim lucrative commissions and a substantial loan if he opened a bank account with ICICI Bank and shared the net banking credentials.
The victim could withdraw only Rs 45,000 before being stopped from withdrawing further funds. After realising that he was defrauded, the victim approached the police and filed a complaint. This account was then used in the scam, receiving the money from the victim and the amount was subsequently transferred to various accounts using net banking, aiding in the execution of the fraud, Davender added.
Kedia, started sharing stock recommendations in the group and, after a few days, advised the victim-cum-complainant to apply for the Initial Public Offerings (IPOs) of several companies that were expected to be listed in June and July 2024. Kedia claimed they could facilitate the application and purchase of IPOs through “Institutional buyers” for the victim as a high net worth individual (HNI). The victim was promised assured allotments and significant profits. After believing the assurances, the complainant was given the account details of certain firms which Kedia described as regulatory accounts used for processing the IPO transactions as per the IIFL Securities’ procedures, Devender Singh said.
Trusting this, the complainant made his first transaction on 9 June 2024 and the last one on 2 July 2024, transferring a total of Rs 5,27,69,000 into their accounts. The accused promised the victim lucrative commissions and a substantial loan if he opened a bank account with ICICI Bank and shared the net banking credentials.
The victim could withdraw only Rs 45,000 before being stopped from withdrawing further funds. After realising that he was defrauded, the victim approached the police and filed a complaint. This account was then used in the scam, receiving the money from the victim and the amount was subsequently transferred to various accounts using net banking, aiding in the execution of the fraud, Davender added.