Kerala Online Trading Scam: Youth Arrested for Embezzling 1.5 Crore

Two youths from Malappuram, Kerala, were arrested on Thursday for cheating a Viyyur resident of around ₹1.5 crore in an online trading scam. The duo - Mohammad Faisal (26) from Kottanchal Olakkara Kavungal and Karumban Khader Sharif (37) from Cheroor - were arrested by the City Crime Branch. 

Kerala Online Trading Scam: Two Arrested for ₹1.5 Crore 

The fraud involved extraordinary returns in share trading promising a return of as high as 500%. Introducing themselves as franchisees of a share trading business, the fraudsters approached the resident of Viyyur in April convincing him to invest huge sums of money for fabulous returns. The culprits after taking the money did not return any returns and broke contact with the victim.
 Investigation allowed the police to lift the mask of the entire fraudulent scheme as well, thus disclosing tactics used by the fraudster to establish his trust with his victim. The opportunity for the accused was created through professional services in stock trading that many people were applying for with growing interest due to rising investment in online trading schemes yielding better returns.

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 Indeed, this incident demonstrates that so much care should be taken in promising bright returns about investments, especially in online trading. The police have urged people to scrutinize trading or investment offers especially if they contain unreal promises about profits. Their investigation continues as they try to prevent similar schemes and recover the stolen cash.