Two arrested in online investment scam of Rs 77.96 lakh in Mangaluru

Two arrested in online investment scam of Rs 77.96 lakh in Mangaluru

Mangalore Today News Network

Mangaluru, January 16, 2025: The CEN (Cybercrime, Economic offences, Narcotics) police in Mangaluru have arrested two persons from Kerala in connection with an online investment scam involving Rs 77.96 lakh. The arrested are Ummar Valiya Parambath (41), and Riyas MV (45), from Kannur, Kerala.

CEN police had registered a case under Sections 66(C) and 66(D) of the IT Act and Sections 318(4) and 3(5) of the BNS Act, after an unidentified individual used WhatsApp to mislead the complainant by claiming that investments in the stock market would yield high returns. Over time, the accused defrauded the complainant of a total amount of Rs 77,96,322.08 under the guise of stock market investments. Based on the complaint, a case was registered, and an investigation was initiated.

Commissioner of Police Anupam Agrawal said during the investigation, details of the bank accounts that received money from the complainant were analysed. It was discovered that Rs 26,27,114.40 was transferred to the bank account of a person from West Bengal. Subsequently, Rs 6 lakh was transferred from the account to the bank account of Ummar Valiya Parambath.

Further inquiries revealed that Riyas M V, was responsible for transferring the money. Riyas confessed to withdrawing Rs six lakh from the account after being promised a commission for facilitating the transaction. Both arrested were produced before court.

The operation was conducted under the guidance of Mangaluru City Police Commissioner Anupam Agrawal, DCP (Law and Order) Siddarth Goyal, and DCP (Crime and Traffic) Ravishankar. The investigation was led by CEN Station ACP Ravish Naik, Police Inspector Satish MP, and Sub-Inspector Gurappa Kanti. Efforts to trace other accused individuals involved in the case are in progress.