Two Arrested in ₹95 Lakh Online Investment Scam in Malappuram

Malappuram: The Cyber Police in Malappuram have arrested two key accused in connection with a major online investment scam in which a school teacher was duped of ₹95 lakh. The victim was allegedly lured with promises of high returns through an online gold trading platform.

According to police, the teacher was first contacted via WhatsApp by the fraudsters, who invited him to join a trading group claiming to offer up to 60% profit on investments. Trusting their assurances, the victim transferred about ₹95 lakh in multiple instalments to several bank accounts shared by the suspects.

When the accused later demanded additional payments under the guise of “processing returns,” the teacher grew suspicious and realised he had been cheated. He subsequently lodged a complaint through the National Cyber Crime Portal, prompting an investigation by the Malappuram Cyber Police.

Investigators traced the fraudulent transactions to the bank account of Muhammad Aslam (20), son of Rasheed, of Mattanayil House, Marampally, Perumbavoor. Further inquiry revealed the involvement of Muhammad Afsal (20), son of Azeez, also from Marampally, who allegedly rented bank accounts to the fraud syndicate.

Both suspects were arrested from Perumbavoor with the assistance of the local police. During the operation, officers seized 15 ATM cards, 15 cheque books, 11 passbooks, and ₹10,400 in cash.

The accused were produced before the Manjeri Chief Judicial Magistrate Court and remanded in judicial custody for 14 days.

The arrests were made under the supervision of Inspector I.C. Chitharanjan, with the cyber team comprising SI Najmuddin, SCPOs Ranjith K.T. and Rajarathnam, and CPOs Arun K., Vishnu Shankar, and Mansoor Ayyoli.

Police said the two arrested individuals are believed to be part of a larger fraud network operating through rented bank accounts, and further investigations are underway to trace other members of the syndicate.