Hyderabad: A man from Uttar Pradesh was arrested in Noida on Monday, March 31, for alleged stock trading fraud in Hyderabad.
The accused was identified as Shiva Shankar, who is involved in three cases of stock trading fraud across India and one of them is in Hyderabad. According to the complainant, he received a WhatsApp message.
Shiva Shankar offered online stock investment ideas for the stock market. The fraudster provided a link to join their WhatsApp group, where they claimed to offer institutional stocks, OTC stocks and Samco group stocks, promising high profits quickly.
Trusting the fraudsters, the victim proceeded to transfer a significant amount of money from his bank accounts. The fraudsters claimed that his investments were in bulk stocks and IPOs, which would yield a huge profit of 20 percent on his invested capital.
On their application, he could receive apparent profits. However, when he decided to withdraw his profits, they informed him that the amount was still tied up in IPOs. When he insisted on withdrawing his earnings, they demanded that he deposit an additional amount.
At this point, he realized it was a scam and demanded a refund. He attempted to contact them via phone and messages, but they did not respond.
Eventually, they blocked his access to chats and calls. In total, the victim lost Rs 14,63,046. Following an investigation by the Hyderabad cybercrime unit, the accused was arrested under sections 318(4), 319(2), 336(3), 338, 340(2) of the Bharatiya Nyaya Sanhita (BNS).
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