A 27-year-old antheral from Punjab has been arrested by Hyderabad cyber crimes constabulary successful transportation with an online trading scam that cheated a city-based freelance trader of much than ₹86 lakh.
The accused, Gurdit Singh of Janta Nagar, Ludhiana, operated slope accounts utilized to cod funds from victims lured into fraudulent concern schemes.
An serviceman from the helping said that the lawsuit began erstwhile a 64-year-old freelancer online trader from Hyderabad received WhatsApp messages successful April 2025, offering supposedly precocious returns connected organization banal trades, IPOs nether the QIB quota, and over-the-counter deals.
“The unfortunate was told that profits would scope from 2% to 20% connected organization stocks and up to 80% connected OTC trades. Influenced by mendacious claims and manipulated by fabricated profits displayed connected a trading app called SMC Ace, the unfortunate kept investing larger amounts. At 1 stage, tiny amounts were credited to his relationship to physique confidence,” said the officer.
However, erstwhile helium attempted to retreat funds, the app failed to process requests. The fraudsters past pressured him to put more, citing precocious profits but withholding earlier deposits. Realising it was a scam, the unfortunate lodged a complaint, revealing losses totalling ₹86,65,563.
Police registered the lawsuit nether sections of the IT Act and Bharatiya Nyaya Sanhita. Gurdit Singh was traced to Punjab, wherever helium was apprehended. A mobile telephone and debit paper utilized successful the fraud were seized.
