Hyderabad: Cyberabad Cybercrime Police intensified an online fraud crackdown and arrested 10 accused involved in multiple cybercrime cases across several states between May 20 and May 26.
Police detected six cybercrime cases during the special drive. Officials said four arrests were linked to online trading fraud operations.
Cyber Crime Police also processed 440 refund orders in 70 cases through court intervention. Authorities secured refunds worth Rs 1.39 crore for victims of cyber fraud.
Online fraud crackdown exposes fake trading racket
In one major case, Cyber Crime Police uncovered a fake stock trading and IPO investment scam operated through the bogus “ACEFD” trading application and a WhatsApp group named “77 Accel Partners Stock Exchange Group”.
According to investigators, fraudsters lured victims with promises of high profits through block trading, upper circuit stocks, IPO allotments and OFS transactions.
Police said the accused displayed fake profits on the trading app and convinced a victim to transfer Rs 7.19 lakh into multiple bank accounts.
When the victim later attempted withdrawals, the accused allegedly blocked account access and demanded additional commission payments.
Investigators revealed that fraudsters targeted victims through Instagram advertisements and investment WhatsApp groups.
Police said the accused initially allowed small withdrawals to gain confidence before freezing larger investments and ending communication.
Cyberabad Police arrested Asim Khan, Shazeb Khan and Mohd Kamran from Delhi for allegedly supplying bank accounts to cyber fraudsters in exchange for commissions.
Online fraud crackdown prompts public advisory
Cybercrime Police advised citizens to remain cautious about investment groups on social media and messaging platforms offering guaranteed returns.
Officials urged people to verify trading applications before investing money and avoid transferring funds to unknown bank accounts.
Victims of cyber fraud can report complaints through the National Cyber Crime Reporting Portal or by calling the 1930 helpline.