Hyderabad man held for Rs 47 lakh online fraud
1
2
Bhubaneswar: The cyber wing of the state crime branch on Tuesday arrested a man from Hyderabad for allegedly defrauding a 66-year-old man of Rs 47 lakh through a deceitful online
investment scheme
.
The accused, Syad Iqbal Hussain (45), who runs a catering business in Hyderabad, had received the majority of the defrauded amount in his bank account.
According to police, the victim, a retired private company executive, came across an investment opportunity advertised on a social media platform in Jan 2024. After expressing interest, he was added to a group on an instant messaging app by an unknown person. The fraudsters initially convinced him to make small investments, which appeared to yield high returns, gradually building his confidence.
He was then persuaded to invest larger sums.
Between Jan and May 2024, the victim invested a total of Rs 47 lakh without verifying the authenticity of the platform. He had been promised returns exceeding Rs 1 crore within two to three weeks. The scammers displayed artificially inflated values of his investments via a fake e-wallet. When he attempted to withdraw his funds, they demanded additional deposits. Despite complying, he was unable to access his money.
Realising he had been duped, the victim lodged a complaint at the Cyber Police Station on May 21, 2024. An investigation was launched, and the accused was tracked down through digital forensics and surveillance.
"Our investigation revealed the involvement of a gang of scammers linked to a larger interstate cybercrime organisation. They were primarily involved in setting up mule bank accounts to receive funds from victims.
Some also created fake social media profiles to lure targets. Hussain is one of their members," a senior crime branch official said.
Police said efforts are on to trace the masterminds, who are suspected to be operating from a foreign country. "We are trying to identify the key orchestrators abroad. Several accounts with substantial deposits have been frozen. Multiple phones, debit cards, cheque books, and SIM cards have also been seized," the official added.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
42 minutes ago
- News18
FDs, Senior Citizens, And Stock Market: Inside The Rs 4.58 Cr ICICI Bank Fraud
Last Updated: A 26-year-old ICICI Bank manager in Kota, Rajasthan, was arrested for siphoning Rs 4.58 crore from senior citizens' FDs and loans between 2020 and 2023. ICICI Bank Fraud Case: Banks are considered one of the safest places to park your unused money when you don't need it. Fixed Deposit, a financial instrument of giving your money to banks in returns of fixed interest and the full amount after the tenure, is popular among Indians, especially millennials. FDs not only help to secure your money but also allow you to reduce the risk of inflation-beaten deduction of value. The illusion of safety can be broken into pieces if the entrusted employees of a big public lender bank have stolen your money parked in FDs. A shocking case has come to the spotlight where a bank manager of ICICI bank from Kota, Rajasthan was alleged to siphon off money from Senior Citizens' FDs and loans in a period of three years. A 26-year-old ICICI Bank relationship manager has been arrested for allegedly siphoning off Rs 4.58 crore from customers, mainly senior citizens, between 2020 and 2023. The fraud was uncovered by the bank's internal audit team, which alerted the branch manager, leading to a police FIR and her arrest on May 31, 2025. According to reports, the employee misused financial instruments like fixed deposits, overdrafts, and personal loans in customers' names without consent. She misused the digital naivety of the senior citizen's customers. The accused employee is reported to be used the stolen money in stock market. She used the platforms like ICICI Direct and Zerodha to trade in derivatives. The reports state that most of the customers who had been duped were seniors without any knowledge of digital banking. The employee reportedly concealed her tracks well, delaying detection. How the fraud unfolded (2020–2023): 1) Targeted Elderly Customers: The accused focused on senior citizens who had fixed deposits (FDs) and limited tech knowledge. 2) Misused Financial Products: Prematurely broke customers' FDs Created overdrafts (ODs) Took personal loans — all in customers' names, without their consent 3) Routed Funds to a Third-Party Account: She transferred the stolen funds to a third-party 'pool account" to avoid detection. 4) Traded in Stock Market: She used the stolen money to trade in derivatives (F&O) on platforms like ICICI Direct and Zerodha (Kite). 5) Covered Her Digital Tracks: She skillfully hid her online activity, making it hard for coworkers or managers to spot the fraud. 6) Audit Team Detected Irregularities: ICICI Bank's internal audit team uncovered the scam, leading to her suspension and arrest. About the Author Business Desk First Published: June 08, 2025, 09:57 IST
Time of India
an hour ago
- Time of India
Delhi Police bust interstate drug syndicate, seize 348 kg of ganja
In a major crackdown, the Anti-Narcotics Task Force (ANTF) of the Delhi Police has busted an interstate drug syndicate and seized 348.176 kilograms of Ganja, officials said. According to Apoorva Gupta, Deputy Commissioner of Police, ANTF, Crime Branch, Delhi, the seized contraband is valued at approximately Rs 1.75 crore in the international market. The drug was being smuggled from Andhra Pradesh to the Delhi-NCR region, concealed beneath a consignment of watermelons in a truck. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like If You Eat Ginger Everyday for 1 Month This is What Happens Tips and Tricks Undo Two individuals, identified as Intezar Malik and Rizwan, have been arrested in connection with the case. Further investigation is underway. Live Events In a separate operation earlier this week, the Delhi Police Crime Branch dismantled a network involved in the sale of counterfeit cancer medications and injections. Acting on a tip-off, police teams conducted coordinated raids on Wednesday at three locations--Laxmi Nagar, Budh Vihar, and Chandni Chowk--resulting in the arrest of six individuals. The accused were allegedly involved in the illegal sale of unlicensed cancer treatment drugs, including Opdivo, Pembrolizumab Injection, and Keytruda. The operation was carried out under the supervision of DCP Crime Vikram Singh, with ACP Yashpal Singh and Inspector Ashish Kumar Sharma leading the raids. Officials from the Central Drugs Standard Control Organisation (CDSCO) also took part in the action. The suspects, Neeraj Kumar, Anil Kumar, Dharmesh Sharma, Dheeraj Kumar, Rohit Bhatti, and Jyoti Grover, were booked under relevant sections of the Bharatiya Nyaya Sanhita (BNS). Large quantities of spurious drugs, valued in lakhs, were recovered from their possession. An FIR was registered, and investigations are ongoing to identify the wider network involved. Similarly, the Anti-Narcotics Squad of Delhi Police's West District apprehended two individuals Sujeet Kumar (28) and Badal Pandit (26)--near the Balaji Swimming Centre, Central School, Tagore Garden. Both are residents of the Saharsa district in Bihar. Acting on precise intelligence, the police recovered a plastic sack containing over 4 kilograms of ganja from the duo. DCP West, Vichitra Veer, stated that the raid was conducted in accordance with legal procedures and investigations are underway. These back-to-back enforcement actions highlight Delhi Police's intensified efforts to curb the smuggling of narcotics and the circulation of counterfeit pharmaceutical products in the capital.
Indian Express
an hour ago
- Indian Express
Lilavati Trust alleges fraud against HDFC Bank CEO, bank calls it ‘malicious'
In an unexpected development, reportedly linked to loan defaults, the Lilavati Kirtilal Mehta Medical Trust (LKMM Trust)—which oversees a prominent healthcare institution in Mumbai—on Saturday called for the immediate suspension and prosecution of HDFC Bank Managing Director and CEO, Sashidhar Jagdishan, accusing him of involvement in a series of financial frauds concerning the Trust. Responding late in the evening, an HDFC Bank spokesperson strongly denied the allegations made by the Trust, its trustees, and officials, dismissing them as 'baseless and malicious'. 'The Trustee, Prashant Mehta and his family members owe substantial amounts to HDFC Bank which were never repaid,' the bank spokesperson said. 'The Trust calls upon the board of HDFC Bank, the RBI, SEBI and the Finance Ministry to suspend Jagdishan from all executive and board roles with immediate effect,' the Trust said in a statement earlier in the day. 'FIR No. 818/2025 was registered under orders of the Bombay Magistrate Court after a seized cash diary revealed Rs 14.42 crore misappropriated by trustees, of which Rs 2.05 crore was received by Jagdishan — establishing his direct involvement,' the Trust alleged in a statement. There are seven other accused in the said case. According to the bank spokesperson, Jagdishan is being targeted by unscrupulous persons who are abusing the legal process to thwart the recovery of the long outstanding loan due to the bank from recalcitrant defaulters. 'The outrageous and preposterous allegations are strongly and categorically denied,' he said. Recovery and enforcement actions have been taken by the bank over two decades and at every stage Prashant Mehta and his other family members have launched numerous vexatious legal actions, bank spokesperson said. 'Having consistently failed at all levels including the Supreme Court, they have now resorted to the recent mala fide personal attacks on the Bank's MD & CEO with the sole objective of intimidating and bullying the bank and its MD & CEO from carrying out the mandate of recovering all outstanding loans in every possible manner permissible under law,' the bank spokesperson said. He said the bank has obtained comprehensive legal advice and representation in this regard and it is committed to pursuing legal remedies and options to defend its MD & CEO's reputation. 'The bank takes immense pride in the integrity and leadership of its MD & CEO,' the spokesperson said. Citing violation of the RBI's 'Fit and Proper' criteria, the Trust alleged that active criminal allegations of conspiracy, corruption, and breach of trust disqualify him from continuing as CEO under the RBI norms. 'His continued position poses a serious risk of evidence tampering, institutional interference, and intimidation of witnesses,' it alleged. 'The offer of Rs 1.5 crore disguised as CSR funds to hospital staff shows intent to destroy evidence and obstruct justice,' the Trust alleged. Despite judicial findings and multiple complaints, HDFC Bank failed to act, violating Section 166 of the Companies Act and SEBI governance mandates, the Trust alleged. The conflict between the old and new members of the LKMM Trust has been ongoing for years. In 2023, following a prolonged legal battle, control of the trust was awarded to the family of Kishore Mehta, prevailing over the family of Vijay Mehta. Lilavati Hospital, established in 1997 by Kishore Mehta, gradually saw members of Vijay Mehta's family brought onto the board of trustees over time. However, controversy arose in 2002–03 when it was alleged that Vijay Mehta's family had forged board members' signatures to seize control of the trust while Kishore Mehta was receiving medical treatment abroad. Both Kishore and Vijay Mehta have since passed away. 'This is not a private feud or a commercial misunderstanding. This is a deeply rooted criminal betrayal of fiduciary obligations, charity law, public money, and the rule of law. Sashidhar Jagdishan has abused his institutional position not only to suppress truth but to subvert justice. We seek his immediate removal to restore faith in India's banking and legal systems,' alleged Prashant Kishor Mehta, Permanent Trustee of LKMM Trust. Earlier this year, the trustees of Mumbai's Lilavati Hospital filed complaints of fraud against seven former trustees and 10 others alleging financial irregularities to the tune of Rs 1,250 crore over the past two decades. A case under sections of the law including cheating, forgery, and criminal breach of trust was registered on March 6. This was the third FIR registered on the allegations since June last year
