Four arrested for cyber fraud, over Rs 9 Cr cash seized

HYDERABAD: The sleuths of Cyber Crime Police nabbed a gang of four cyber fraudsters, who hailed from Uttar Pradesh and Rajasthan and were targeting innocent persons in the name of online trading by using Market Box trading application. The police seized Rs 9 cr 81 lakh in cash, seven mobile phones and two laptops.

A case was based on a complaint where the complainant had started online trading on 'Market Box' trading app. He initially invested approximately Rs. 9,999 and lost the whole amount. Later, he deposited Rs 10 lakh and received Rs.14.9 lakhs. He continued trading and invested around Rs.62.6 lakhs and received Rs.34.7 lakhs. In this process, he lost Rs.27. 9 lakhs realizing it to be a fraud.

The accused Abhishek Jain (32), Pawan Kumar (35), Akash Roy (39) and Krishna Kumar (38), developed a trading app -- www.marketbox.in and used multiple bank accounts to fool users.