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Kerala cyber police arrest man in ₹8.08 crore online trading fraud

Kerala’s Alappuzha Cyber Crime Police have arrested a 23-year-old man for allegedly cheating an elderly resident of ₹8.08 crore through a sophisticated fake online share trading scheme, officials said on Thursday.

The accused, identified as Bharathikannan Angamuthu, a native of Salem in Tamil Nadu, was taken into custody following an investigation into a series of fraudulent financial transactions carried out between September and December last year. Police said the accused posed as a representative of a reputed share trading firm and approached the victim through WhatsApp calls.

According to investigators, Bharathikannan played a key role in building trust with the victim and facilitating the transfer of large sums of money through multiple bank accounts spread across different states.

Fake app and WhatsApp groups used

Police said the fraud began when the victim was persuaded to install a mobile application named “RARCII”, which was designed to resemble a legitimate trading platform. The app displayed fabricated profit figures, creating the illusion that the victim’s investments were growing rapidly.

To further reinforce the deception, the victim was added to a WhatsApp group titled “C778 Reliance Capital Innovators Hub”, where messages were posted claiming that group members were earning substantial returns. Investigators said these messages were part of a coordinated effort to mislead the victim.

Between September 24 and December 20, the victim transferred money in 73 separate transactions, believing the funds were being invested in share trading.

Service charge demand and wider network

When the victim later attempted to withdraw the displayed profits, the fraudsters demanded additional payments, claiming they were mandatory service charges. This resulted in further financial losses, police said.

Investigators revealed that Bharathikannan, along with a co-accused, Sabareesh Sekhar, had registered a private firm named Valiant Strive Corporation Private Limited in Salem. The victim was made to transfer ₹35.5 lakh directly into the company’s current account.

Sabareesh Sekhar is currently lodged in Trichy Central Jail in connection with another cyber fraud case. Police said he will be formally arrested in the present case as well.

Authorities said the investigation spans multiple states due to the use of several bank accounts. Financial records are being scrutinised with assistance from banks and cyber forensic experts. A charge sheet is expected to be filed within three months.

The Cyber Crime Police warned the public that most trading tips circulated on social media platforms are fraudulent and reiterated that legitimate share trading requires a valid Demat account. Citizens were advised to avoid unsolicited calls, unverified investment groups and unknown mobile applications.