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Chennai-Based Men Uses Fake Trading Website, Cheats Over 700 People of Rs 12 Cr

The accused identified as Syed Ali Hussain of Chidambaram and Syed Abu Thahir of Teynampet used a fake forex trading website to dupe money.

Chennai-Based Men Uses Fake Trading Website, Cheats Over 700 People of Rs 12 Cr

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  27 March 2021 1:29 PM GMT

NEW DELHI: We have seen several movies or online investment scam news in which miscreants impersonating to be financial traders or analyst and cheats over millions of rupees.

Well in such a case in real life, in the Latest cyber crime news, Cyber Crime Police of the Central Crime Branch has taken into custody 2 people for cheating more than 700 people across India to a tune of Rs 12 crore.

According to reports, the accused identified as Syed Ali Hussain of Chidambaram and Syed Abu Thahir of Teynampet used a fake forex trading website to dupe money in the pretext of trading.

How did it all start?

The duo who are said to be college friends launched the web sites deltinfx.com and deltininternationalsolutions.com in 2019.

It was where people could deposit money and also told the investors they had invested in shares and provided the numbers to indicate all was well.

The targetted victims were those with a history of trading in shares. One of the victims said the duo first swindled Rs one lakh and then wanted another Rs one lakh one being asked why the shares were falling.

How they were busted?

Making their business look prosperous and flourishing, the duo then displayed false 'happy customers' which resulted in more investment. Police then discovered that this was not an isolated incident.

The duo was arrested based on a complaint by one M Ashok Kumar of Tiruverkadu, who lost about Rs 10.5 lakh to them. Investigation revealed that the duo had created more than 700 people from across the country to the tune of Rs 12 crore in the last two years. The accused were remanded in judicial custody on Monday.

"We have the list of the victims and have been contacting them to receive complaints. On Tuesday, five more victims, including one from Bhopal, reached the city police commissioner to lodge complaints. We would take the accused into our custody again to ascertain if more persons are involved in the scam," said the inspector.

Police are now encouraging more of those who got swindled to file complaints.

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