Uttar Pradesh man arrested for ₹6 crore trading fraud

The Cyber Crimes team of Hyderabad City Police has arrested a 38-year-old man from Uttar Pradesh. He is accused of being involved in a large trading fraud case. This fraud has affected people across India, with reported losses totaling ₹6 crore. The suspect, Ankit Arora, was arrested after a local resident in Secunderabad reported the crime. The victim said he was approached by fraudsters on the messaging app Telegram. They promised him free trading tips and high profits to convince him to invest in stock trading. The victim ended up investing ₹1,22,87,120. When the victim tried to withdraw his money, the fraudsters refused and made excuses. They pressed him for more deposits, and eventually ceased all communication when he declined to pay more. The police found that Arora provided bank accounts for the main suspect, Deepak Kumar, who is currently on the run in Thailand. Investigations revealed that Arora received commissions for facilitating these fraudulent transactions. Police have also issued a Lookout Circular for Kumar. In the arrest, authorities seized a mobile phone, two SIM cards, a bank passbook, and eleven debit cards. Cybercrime officials are warning the public about the risks of investment schemes on social media apps. They advise investors to stick to SEBI-approved applications and consult registered financial advisers before making any investments.