Kerala/Palakkad: The Palakkad Cyber Crime Police have arrested a 29-year-old man from Andhra Pradesh in connection with an online share trading fraud in which ₹63.63 lakh was allegedly swindled from a resident of Puthupariyaram.
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The accused has been identified as Sake Ganesh, a native of Anantapur district in Andhra Pradesh. He was taken into custody following a detailed investigation into the cyber fraud case.
Modus Operandi
According to the police, the scam began in July 2024, when the victim was approached through social media platforms with promises of earning substantial profits by engaging in online share trading from home. To gain the victim’s confidence, the fraudsters initially encouraged him to invest small amounts through bank transfers and provided modest but timely returns.
After establishing trust, the accused and his associates persuaded the victim to make larger investments in multiple stages. Over time, they managed to siphon off a total of ₹63.63 lakh, after which the promised returns stopped.
Investigation and Arrest
Following the financial loss, the victim filed a complaint with the Palakkad Cyber Crime Police. During the investigation, authorities traced ₹10 lakh of the defrauded amount directly to Ganesh’s bank account in Anantapur. The remaining funds were found to have been routed through several other accounts, indicating the involvement of a wider network.
A police team travelled to Anantapur and took the accused into custody.
The investigation was led by Cyber Crime Police Inspector T. Sashikumar and Malampuzha Police Inspector D. Shebib Rahman, with support from ASI A.P. Joshi, Senior CPO C.N. Rajesh, and officers U. Subin, A. Mohammed Fazil, and P.K. Sharanya.
Further Action
Police officials stated that more individuals are suspected to be involved in the fraud and that additional arrests are likely in the coming days as the investigation progresses.
Authorities have once again urged the public to exercise caution while responding to online investment offers, particularly those circulated through social media platforms promising quick or guaranteed returns.
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