Man held in Hyderabad for committing stock trading fraud

The arrested person was involved in five cases that took place across the country.

According to the police, the complainant received a call from a person claiming to be “Tina Mittal” from W33Barclays, advising to join a WhatsApp group for investment advice. The complainant then invested money through a trading app, but when the complainant tried to withdraw funds, they asked him to pay five per cent of the total deposit plus profit.

Upon realizing that the accused cheated, the complainant filed a complaint with the cybercrime unit. The police said the accused was found to be contacting innocent people through social media platforms, Telegram apps and WhatsApp calls.

They would offer double or triple profits in a short time through stock market trading and assure huge returns in their application initially. They would allow withdrawals to a certain extent to build trust and propose investments with promises of substantial profits.

The accused would first show virtual profits to lure victims into investing more and later block withdrawals once larger amounts are invested, the police said.