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3 Arrested in Rs. 6.85 Crore Online Share Trading Scam Targeting Retired IFS Officer

The 68-year-old retired IFS officer, based in Chennai, initially received a WhatsApp message inviting him to join “highly profitable share trading apps”
Indian Masterminds Stories

Chennai, May 24, 2025 — The Cyber Crime Police of the Central Crime Branch (CCB), Greater Chennai Police, have arrested three individuals from Kerala in connection with a high-profile online share trading scam that defrauded a retired Indian Forest Service (IFS) officer of ₹6.85 crore. This follows the earlier arrest of five suspects last month related to the same case.

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Victim Tricked Through WhatsApp and Fake Trading Apps

The 68-year-old retired IFS officer, based in Chennai, initially received a WhatsApp message inviting him to join “highly profitable share trading apps.” Enticed by the promise of significant returns, he joined two such WhatsApp groups. The fraudsters then persuaded him to download a fake online share trading app through a link they provided.

Over time, the scammers manipulated the victim into transferring a total of ₹6.58 crore into various bank accounts under the pretense of share investments. When the returns never materialized and communication ceased, the victim realized he had been defrauded and filed a complaint with the Cyber Crime Police Station in February 2025.

Investigation Leads to Kerala

Following the complaint, the CCB initiated an extensive investigation. By analyzing call records and tracking bank transactions, they traced the fraud network to Kerala. The three suspects arrested have been identified as:

Sreejith R. Nair (47) from Ernakulam

Abdul Salu (47) from Kozhikode

Mohammed Farwais (44) from Malappuram

The police seized three mobile phones used in the crime and froze multiple bank accounts linked to the suspects.

Modus Operandi: Hawala and Cryptocurrency

Police officials explained that the accused opened bank accounts specifically for fraudulent transactions. Once the victims transferred money, it was routed abroad through illegal Hawala channels and subsequently brought back into India as USDT cryptocurrency via the Binance trading app. This complex laundering method was intended to obscure the money trail and avoid detection.

Online Scams on the Rise

Authorities warn that online investment scams and fake part-time job offers are increasingly targeting victims through advertisements on social media platforms. Fraudsters often provide links to fake stock trading apps or websites, and set up bogus demat accounts, falsely promising massive profits in a short time.

These scams exploit people’s financial aspirations, often leading to devastating losses and emotional trauma for the victims.

Police Commissioner’s Warning to Public

Greater Chennai City Police Commissioner A. Arun issued a strong advisory to the public, urging vigilance. “People should be extremely cautious of unsolicited investment offers, high-profit schemes, and unknown mobile applications or websites. Do not transfer money into bank accounts that are not verified,” he stated.

He further emphasized the importance of prompt reporting: “In case of online financial fraud, citizens should immediately contact the cybercrime helpline 1930 or report the incident via the *National Cyber Crime Reporting Portal at www.cybercrime.gov.in*.”

Also Read: India Sees Surge in Asiatic Lion Population, Hits 891 in Latest Census – Full Details Inside


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