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A 35-year-old man, Ikaullah Samiullah Syed, has been arrested by the police for helping cyber fraudsters by opening bank accounts in his name. His arrest came after a recent case where a freelance consultant was tricked and lost ₹1.62 crore in a fake online share trading scam.
How the Fraud Happened
The victim in this case is a 50-year-old freelance consultant from Kandivali, Mumbai. According to the police, her troubles began in February when she saw a post about share trading on social media. Curious, she clicked the link provided in the post. That link took her to a WhatsApp group that already had 157 members. The group’s name was made to look like it belonged to a well-known investment company, and members were regularly posting information about stock trading and investments.
The Scam Unfolds
A few days after joining the group, the admin of the group personally messaged the consultant. He encouraged her to invest, promising very high returns. Trusting him, she invested a large sum — ₹1.42 crore — between February and March. Initially, it seemed like she was making great profits. But when she tried to withdraw the money, the admin told her she had to pay an additional ₹19 lakh as a “transfer fee” to get her money back.
Believing the admin’s words, she sent the ₹19 lakh. However, after paying, she neither got back her invested money nor the extra amount. That’s when she became suspicious. She then directly contacted the real investment company, only to find out that no account existed in her name.
Filing a Complaint and Police Investigation
Realizing she had been cheated, the consultant immediately reported the matter to the cyber helpline and the cyber cell department. The police registered a case under cheating sections of the Bharatiya Nyaya Sanhita, 2023, as well as under the Information Technology Act, 2000.
As soon as the case was registered, the police began investigating. Within a month, they tracked down Ikaullah Samiullah Syed, who was already wanted in similar fraud cases. During questioning, Syed revealed that he worked with three other people involved in cyber fraud. His job was to open bank accounts in his name, where the fraud money was deposited. In return, he was paid a commission.
Police Action and Next Steps
The North Cyber Police arrested Syed and produced him before the local court in Borivali. The court has sent him to police custody. The police are now continuing their investigation to trace and arrest the other members of the cyber fraud gang.
