Bengaluru police uncover ₹1.52 crore online trading fraud, 254 cases linked: Report

Bengaluru police uncover ₹1.52 crore online trading fraud linked to 254 cybercrimes totaling ₹97 crore.

Published on: Oct 17, 2024, 16:30:08 IST

By Yamini C S

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The Bengaluru police have uncovered a massive online share trading fraud involving ₹1.52 crore after investigating a case filed by a local man. The probe has revealed a web of 254 similar cybercrimes involving ₹97 crore in fraudulent transactions, all connected to six bank accounts, The Indian Express reported.

Authorities are now searching for the primary scammers, who are suspected to be operating from abroad. (HT Photo)

The scam, which began earlier this year, targeted victims promising high returns from online share trading tips. The victim, a 52-year-old man, was approached via WhatsApp by a woman who claimed to have a connection with a share trading expert. He was invited to join a group with over 110 members and encouraged to download a trading app. Between March and June 2024, the victim transferred ₹1.52 crore into a trading account set up by the scammers, the report noted.

READ | Bengaluru man duped of ₹1.12 crore in online forex trading scam via dating app: Report

By June, the victim saw a balance of ₹28 crore in his account, but when he attempted to withdraw the funds, he was asked to pay ₹75 lakh as a "fee" to access the money. This raised suspicions, prompting him to file a complaint with the cybercrime police.

The investigation led to the discovery that the victim’s money had been funneled through two Axis Bank accounts in Bengaluru. Further scrutiny revealed that four more accounts, opened on the same day, were linked to similar fraudulent activities, the publication said. The accounts were opened without proper verification, and the bank officials responsible have been arrested. Among those detained were Kishore Sahu, the manager of the Axis Bank's Nagarbhavi branch, and three other staff members.

The police also found that these accounts were used to transfer large sums, some amounting to several crores, but the bank had failed to alert law enforcement. "There was a possibility of freezing over ₹40 crore after being alerted of the accounts being used for fraudulent activities,” a cybercrime official said, as quoted in the report. Authorities are now searching for the primary scammers, who are suspected to be operating from abroad.

ABOUT THE AUTHOR
Yamini C S
Yamini CS is a Senior Content Producer at Hindustan Times with nearly six years of experience in digital journalism. She is part of the India News desk, where she works on a wide range of stories cutting across civic issues, city-based developments, politics, governance, public policy, breaking news, trending topics, and international affairs that have an impact on India. Her role involves tracking fast-moving developments, verifying information from official and on-ground sources, and presenting news in a clear, accessible format for a digital-first audience. A significant part of her work includes handling live blogs during major news events, such as elections, court verdicts, political developments, civic disruptions, protests, weather-related alerts, and unfolding national or international incidents. Through live coverage, she focuses on timely updates to help readers follow complex stories as they evolve. Before moving to the broader India News desk, Yamini was associated with the Bengaluru desk at Hindustan Times, where she extensively covered urban governance, infrastructure, traffic and transport issues, weather events, public grievances, and civic administration in the city. This experience strengthened her grounding in city reporting and sharpened her focus on citizen-centric journalism. She began her career as a correspondent with Reuters after completing a postgraduate diploma in journalism from the Indian Institute of Journalism and New Media. Her early training instilled a strong emphasis on accuracy, sourcing, and news ethics, which continue to shape her reporting style. Outside of work, Yamini enjoys reading across genres, listening to music, and spending time with her family, which help her maintain balance in a fast-paced newsroom environment.Read More

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