Indian Man Provides Bank Accounts for Fraudulent Activities to Receive Funds, Arrested by Police

Police in Hyderabad have arrested a 22-year-old man in New Mumbai in connection with an investment scam. The scam is said to have cost a local victim INR 24.4 million.

According to police from the cyber crime unit, a 56-year-old man from Hyderabad was lured on social media and downloaded a fake stock trading application. The arrested man, Rashmit Rajendra Patil, helped run the scam as an “account provider”.

The scammers used social media platforms such as Telegram and WhatsApp to promote the fake trading app, claiming that it could bring in huge profits through short-term trading, and presented a fake dashboard to show fake profits to the victims.

At first, the victim's experience with this trading app was good - daily profits and smooth withdrawals. Lured by this illusion, he transferred a total of Rs 24,395,000 to the bank accounts associated with the scams. The man arrested was the provider of these bank accounts.

Police seized a phone while arresting the suspect. Authorities are investigating the case and victims of similar scams are also advised to approach the police and report the case.