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Hyderabad police bust cybercriminals, seize 10 cr

by TST Team
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The highest recovery in a cybercrime case in the nation is believed to have been made by the Cyberabad police, who nabbed a group of interstate cyber fraudsters and recovered nearly Rs 10 crore.

Four people were detained by the authorities on suspicion of targeting innocent people for online trading using the Market Box trading programme. According to Stephen Ravindra, the commissioner of the Cyberabad Police, the suspects had cash valued at Rs 9.81 crore recovered from them.

Police claim that the criminals defrauded the complainant of Rs. 27.90 lakh.

On the “Market Box” trading programme, the complainant had begun online trading. His initial investment was roughly Rs 9,999, but he lost it all. Then he traded and made a second deposit of 10 lakh rupees, earning Rs 14.9 lakh. He kept trading in a similar manner, investing about Rs 62.6 lakh and earning Rs 34.7 lakh. He lost Rs. 27.90 lakh during this process. He went to the police after he realised it was a scam.

Sections 419 and 420 of the Indian Penal Code (IPC) and sections 66C and 66D of the IT Act were used to record the case.

Abhishek Jain, a 32-year-old commodity dealer from Uttar Pradesh, was detained by police. He was the primary suspect in the Market Box trading app operation.

Bank accounts were offered by Rajasthan citizens Pawan Kumar Prajapat and Akash Roy, who both work in the fintech industry.

The main suspect’s accomplice, Sri Krishna Kumar of Uttar Pradesh, used to extort money from hawala sellers.

The second and third defendants were taken into custody in Jodhpur. Evidence-containing mobile phones were found on them. The primary suspect and his accomplice were apprehended at Mughalsarai, in the Chandauli district of Uttar Pradesh, based on their confession. In total, Rs 9.8 crore were taken from the principal accused’s office.

Police claim that Abhishek Jain lost money in trading and came up with a scheme to use bogus trading programmes to extort the money from trusting traders. For a 10% commission, Pawan Kumar provided the main suspects with bank accounts so they could receive money from dealers.

Akash Roy was actively involved in moving money to local business owners in Varanasi and the surrounding areas so they could turn it into cash.

On the main accused’s orders, Sri Krishna Kumar participated in the cash collection from merchants in Mughalsarai and Varanasi in exchange for a fee.

The primary defendant created the trading app “Market Box/MB” (www.marketbox.in), which he promoted on numerous WhatsApp and Telegram groups. While not registered with SEBI, this programme is comparable to Multi Commodity Exchange (MCX).

According to the police commissioner, this fraudulent app has roughly 3,000 vendors enrolled. By pushing and publicising his trading app on several chat groups across various platforms, the principal accused attracted consumers.

He disclosed Pawan Kumar Prajapat’s Merchant Pool Account (MPA), which was kept by a Jodhpur-based Fintech company, for taking investments from victims. Through Market Box’s API (Application Programming Interface), this MPA is connected to the platform.

The victim’s investment or pay-in is recorded against his account balance on the Market Box ID he uses to trade. Victims’ investments are misappropriated through a number of accounts.

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