Cyber police crack down on fake stock trading scam, arrest key accomplice in ₹36 lakh fraud.

Mumbai: The cyber police made a breakthrough in a cyber fraud case and arrested a key member who impersonated a share broker. This individual lured a retired man into investing in shares and duped him of Rs 36 lakhs. The gang showed the victim virtual profits, and when he tried to withdraw, he was unable to do so. They then asked him to pay a few more lakhs as withdrawal taxes and duped him further.

Based on the technical analysis of the money trail, the North cyber police arrested Hyder Sayyed from Thane. Sayyed is accused of facilitating the opening of multiple bank accounts for the fraudsters, for which he used to receive 10 to 20 percent of the amount siphoned.