HYDERABAD: The Hyderabad cybercrime police arrested a 58-year-old businessman from Gurgaon, Haryana, for his alleged role in an online trading fraud worth over RS 2 crore. The accused has been identified as Vineet Chadha.
Police said a 62-year-old Hyderabad resident was duped through a fraudulent trading platform advertised on Facebook. The victim was directed to the website and asked to download a trading app through WhatsApp. Initially, he was shown profits, encouraging him to invest more through multiple bank accounts.
Over time, he deposited Rs 2,02,70,931, believing his investments were genuine. But when he tried to withdraw funds, he was told to first pay additional “taxes”. Realising he was cheated, he filed a complaint.
Investigations revealed that Chadha’s account received an illegal credit of Rs 40 lakh from the victim. He allegedly ran a shell company to route funds to associates and earned commissions. Chadha is linked to at least 12 fraud cases across India, including three in Telangana.
Earlier, six others connected to the racket were arrested between July 2 and July 8 in Gujarat.