KOCHI: Ashwin and Athul both say they became aware of the fraud that they had become part of only when Ernakulam Rural police arrested them in connection with a case in which a 62-year-old Aluva native lost Rs 1.15 crore to online scamsters.
As it turned out, portions of loot were channelled through a bank account that 25-year-old Ashwin had purportedly sold for Rs 15,000. The story was no different for Athul.
In fact, police traced transactions worth Rs 10 crore to Ashwin’s account that he claimed to have no knowledge of. Worse still, 33-year-old Athul was found to have opened another account using the credentials of his mother-in-law and sold it off in a similar manner, officers pointed out.
The Aluva native transferred the money in six instalments to five bank accounts, including Ashwin’s. Officers realised that the other four accounts had also been similarly purchased by fraudsters. Ashwin and Athul are currently in judicial custody.
Fraudsters buying bank accounts is a dangerous new trend that the public should be aware, say officers.
Hundreds of complaints of online cheating using ‘sold accounts’ are being reported across the state, they add. Swindlers have become more sophisticated and now target educated youths and women, who offer big money for online trading, cryptocurrency investments and gaming, say officers.
Explaining the modus operandi, an officer said, the cheats approach people on the pretext of operating their bank accounts for online trading, gaming and cryptocurrency transactions.
60 ‘sold’ accounts, reveal probe into Aluva case
In return, they offer between Rs 10,000 and Rs 25,000. These operators then completely take over the accounts, with access to one-time passwords (OTPs). Money is funnelled through such accounts for all sorts of illegal activities that when tracked down lands the original account holders in trouble with law enforcement.
Jiyas Jamal, a cyber-security expert and lawyer based in Kochi, says, “Previously, such transactions were facilitated by agents. While such activities were initially observed only in the northern states, they have now made their way to Kerala.” Probe into the Aluva case revealed about 60 ‘sold’ bank accounts, with half of them falling under the jurisdiction of Ernakulam Rural police.
“Those involved in the Aluva case admitted to selling accounts on behalf of a friend who claimed to be receiving money from abroad. In many instances, these ‘friends’ turn out to be criminals, who, if apprehended, deny any association. Some sellers may receive a commission for the transactions. Notably, many even sold the accounts of their relatives,” said an officer.
“This emerging trend poses a threat. Society is still grappling with the magnitude of the fraud, and we warn people against falling for it,” said Ernakulam Rural SP Vaibhav Saxena.