HYDERABAD: Cybercrime police have arrested Aman Pal Singh, a native of Uttar Pradesh, for allegedly defrauding a Hyderabad resident of `1.98 crore in an online trading scam.
The victim was contacted by cyber fraudsters via Facebook and lured into joining WhatsApp groups claiming affiliation with Barclays Wealth Management and UP Asset Allocation Z06. They promised high returns through stock tips and investment in IPOs and OTC stocks.
The victim was directed to invest through fake platforms, where false profits were displayed. However, when he tried to withdraw the money, the option was disabled. The fraudsters then demanded additional payments under the guise of taxes and currency conversion charges, claiming the invested amount would be released only after those were paid.
Police said the accused procured bank accounts from agents in UP and Delhi, which were used to receive the defrauded funds. He allegedly met account holders and suppliers in hotels across Greater Noida and Delhi to distribute commissions based on the transactions.