Hyderabad, January 29: The cyber crime unit of Hyderabad police busted a Rs 93 lakh trading fraud and arrested two employees of private sector banks and a business man for their alleged involvement. The trading fraud involves cyber criminals operating in India, Nepal and China, who lured gullible people to make investments in stocks, a police release said on Wednesday. It said the cyber crime police received a complaint from a city resident in August last year who said that he was added to the group of an instant messaging service after he came in contact with the fraudsters on social media. Online Trading Scam in Bengaluru: Techie Loses Over INR 1 Crore in Share Market Fraud After Joining Telegram Group.

The group admin convinced the complainant to make investments by promising daily profits ranging from 10 per cent to 20 per cent. Initially, he invested Rs 40,000. Subsequently, the fraudsters persuaded him to invest bigger amounts for greater profits. Trusting them, the complainant invested a total of Rs 93,89,000 and later realized that it was a scam. The accused bank employees and their associates opened hundreds of mule bank accounts and email ids using fake identities. Shares Investment Fraud in Raigad: Elderly Man Duped of INR 7.16 Crore After Downloading Trading App Through WhatsApp Group Sharing Tips About Investing in Shares.

These were provided to cyber fraudsters in Nepal and China in exchange for commissions, the release said. Further investigation revealed fraudulent transactions worth Rs 23 crore across accounts managed by the accused. They have been linked to 20 similar cases across India, it said. A separate release said the Cyber Crimes unit has successfully conducted a special operation across various states leading to the arrest of 52 accused and cracking 33 cases.

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