Kerala man arrested for stock market fraud in Mangaluru

Mangaluru: The Mangaluru CEN police have arrested a man in connection with a Rs 46 lakh stock market fraud case.

Commissioner of Police Anupam Agrawal said the arrested is Junaid A K,(32), from Kozhikode in Kerala.

According to the complaint, an unidentified individual misled the victim through WhatsApp, promising high profits for investing in the stock market. Trusting the scheme, the complainant transferred a total of Rs 46 lakh, only to later realise that he has been deceived.

The case, registered under Sections 66(C) and 66(D) of the IT Act, as well as Sections 308(2), 318(2), 336(3), and 112 of the BNS.

During the investigation, the police traced the bank accounts that had received the money. They found that Rs 10 lakh was transferred to a person based in West Bengal. From that account, Rs five lakh was later transferred to the bank account of Ayesha Hadiya, daughter of Ashraf P T, who resides at Kozhikode, said Commissioner.

Further inquiries revealed that Ayesha Hadiya’s husband, Junaid A K withdrew the amount. Acting under the instructions of one Babu, who is currently in Dubai, Junaid and another individual withdrew the money and handed it over to a person named Muneeb. In return, Junaid A K received a commission of Rs 5,000 for facilitating the transaction, he added.

The police have continued their investigation to identify and apprehend the remaining suspects involved in the fraud.

This operation was carried out under the guidance of Mangaluru Police Commissioner Anupam Agarwal, DCP (Law & Order) Siddharth Goyal, and DCP (Crime & traffic) Ravishankar. The investigation was led by ACP Raveesh Nayak (CEN Station), Inspector Satish MP, and Sub-Inspector Mohan.