Infopark-based bizman loses Rs 6cr to online trading fraud; Rs 20 cr loss in four cases

Kochi: A Kochi-based businessman lost Rs 6 crore after falling prey to a fake stock trading platform. The Infopark police here have started a probe into the incident after the victim, who owns a company in the state-owned IT park, reported the crime.

The police said the businessman landed in trouble after his search online for a trading platform took him to the fraud site. He started investing money in the platform last August and realised the fraud when he tried to withdraw his profits. He had already invested Rs 5 crore. “When he sought to withdraw the money he was asked to pay Rs 1 crore additionally which he obliged. Thus he lost a total of Rs 6 crore,” a police officer told Onmanorama.

The police have found that the money passed through several accounts and was withdrawn from different locations in the country, including parts of Kerala. “Around 300 transactions take place at once, making it difficult to trace the money trail. We have found that the money was withdrawn in the name of some shell companies,” the officer said.

In two months, four cases of online fraud, with a total loss estimated at Rs 20 crore, have been registered in Ernakulam district.

City Police Commissioner S Syamsundar told media on Tuesday that the police have recovered Rs 1 crore while the process of retrieving Rs 3 crore is ongoing. The cases have been registered at Infopark, Ernakulam North, Ernakulam Central and Maradu police stations.

In the four recent cases, the money has gone to 12 bank accounts outside Kerala. The DCP said some officials of certain private banks outside the state have been colluding with the fraudsters.

A seven-member team headed by Thrikkakara ACP has been probing the cases and a special investigation team will be formed to look into similar cases in Kochi. The police said those who lose money to such cyber fraudsters should contact the toll-free number 1930 and inform the police about the transaction details.